<SEC-DOCUMENT>0000903423-18-000001.txt : 20180103
<SEC-HEADER>0000903423-18-000001.hdr.sgml : 20180103
<ACCEPTANCE-DATETIME>20180103091936
ACCESSION NUMBER:		0000903423-18-000001
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180103
FILED AS OF DATE:		20180103
DATE AS OF CHANGE:		20180103

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		18503513

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm6k_0103.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 3.5pt solid; border-bottom: black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 18pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Report of Foreign Issuer</B></P>

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

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">For the month of January 2018</P>

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

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

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

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

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">(Translation of registrant&#8217;s name into
English)</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; text-align: center; vertical-align: bottom">
<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):</P>

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

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

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

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

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">If &#8220;Yes&#8221; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): <U>N/A</U></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;English
translation of a letter dated January 3, 2018 to the Argentine Securities &amp; Exchange Commission (Comisi&oacute;n Nacional de
Valores)</U></I></B></P>

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

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;<IMG SRC="image_022.gif" ALT=""></P>

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


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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I><U>TELECOM ARGENTINA S.A.</U></I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I><U>CALL FOR THE ORDINARY GENERAL SHAREHOLDERS&#8217;
MEETING </U></I></B></P>

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was resolved to summon for an Ordinary General
Shareholders&#8217; Meeting to be held on <B>January 31, 2018</B>, at 10 a.m. on first call, and at 11 a.m. on second call at the
corporate offices at Ave. Alicia Moreau de Justo N&deg; 50, Ground Floor, City of Buenos Aires, in order to consider the following
items:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Appointment of two shareholders
to approve and sign the Meeting Minutes.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Reformulation of the configuration
of the Board of Directors. Revocation of the designation of all the regular and alternate members of the Board of Directors, according
to Section 256 of the General Corporate Law. Consideration of the designation of regular and alternate directors with a mandate
for 3 fiscal years.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Consideration of the performance
carried out by outgoing regular and alternate directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; color: #222222">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Consideration of the delegation
of powers into the Board of Directors to order the total or partial withdrawal of the &quot;Reserve for Future Cash Dividends&quot;
and the distribution of the withdrawn funds as cash dividends, in the amounts and dates determined by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: right; text-indent: 0.25in"><B><I>THE BOARD OF
DIRECTORS.</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I><U>Note 1:</U></I></B><I> To
be able to attend the Shareholders&#8217; Meeting, shareholders of Class B and Class C shares are required to deposit their book-entry
shareholding certificates issued for that purpose by Caja de Valores S.A., no later than three business days prior to the date
of the Shareholders&#8217; Meeting, at Ave. Alicia Moreau de Justo No. 50, 13th floor, City of Buenos Aires, from 10 a.m. to 12
p.m. and from 3 p.m. to 5 p.m. Within that term and hours, the shareholders of book-entry Class A and D shares must accuse an attendance
communication to the Shareholders&acute; Meeting. The deadline is on January 25, 2018, at 5 p.m.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I><U>Note 2:</U></I></B><I>
Hard copies of documentation to be discussed at the Shareholders&#8217; Meeting, including the proposals of the Board of Directors
in relation to the items to be considered, can be consulted at Telecom Argentina&#8217;s website: <FONT STYLE="color: Blue"><U>www.telecom.com.a</U></FONT>r.
Notwithstanding, printed copies can be taken from the place and time indicated in Note 1.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I><U>Note 3:</U></I></B><I> Pursuant
to the provisions of section 22 of Chapter II, Title II of CNV Rules, at the time of registration and at the time of attending
the Shareholders&#8217; Meeting, all the details of the shareholders and their representatives must be submitted. Legal entities
and other legal structures must provide the information and deliver the documentation as required by the CNV Rules in sections
24, 25 and 26 of Chapter II, Title II of the CNV Rules.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I><U>Note 4:</U></I></B><I> Those
registered to participate in the Shareholders&#8217; Meeting as custodians or administrators of any third party shareholdings are
reminded of the need to fulfill the requirements of section 9, Chapter II, Title II of the CNV Rules, to be able to cast a vote
in a divergent manner. </I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><I><U>Note 5:</U></I></B><I> Shareholders
are requested to be present no later than 15 minutes prior to the scheduled time of the Shareholders&#8217; Meeting in order to
file their proxies and sign the Attendance Book.</I></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>PROPOSALS OF THE BOARD OF DIRECTORS TO
THE SHAREHOLDERS&#8217; MEETING REGARDING THE ITEMS OF THE AGENDA.</U></B></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><U>Proposal for the First item
of the Agenda:</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">It is proposed to the Shareholders&#8217;
Meeting &#8220;the designation of the two shareholders that register the higher number of shares to participate in the Shareholders&#8217;
Meeting and to approve and sign the Minutes&#8221;.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><U>Proposal for the Second item
of the Agenda:</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">The Board of Directors refrains from
making a proposal with respect to this item. The shareholders that propose the appointment of directors are reminded the need to
inform the Shareholders&acute; Meeting if the nominees qualify as &#8220;independent&#8221; or &#8220;non-independent&#8221; directors
in accordance with CNV Rules.</P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><U>Proposal for the Third item
of the Agenda:</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">No proposal is made regarding this
item, leaving under consideration of the Shareholders&#8217; Meeting the performance of the Board regular and alternate members.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify"><B><U>Proposal for the Fourth item
of the Agenda:</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">It is proposed to the Shareholders&#8217;
Meeting &#8220;to approve the delegation of powers into the Board of Directors to order the total or partial withdrawal of the
&quot;Reserve for Future Cash Dividends&quot; and the distribution of the withdrawn funds as cash dividends, in the amounts and
dates determined by the Board of Directors&#8221;.</P>

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

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

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

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

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

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

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

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

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

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

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

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


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 20pt"><B>Telecom Argentina S.A.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 20pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">January 3, 2018</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">/s/ Gabriel P. Blasi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt">Name:</TD>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">Gabriel P. Blasi</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Responsible for Market Relations</TD></TR>
</TABLE>
</P>


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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_022.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_022.gif
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M[^___Q"M,3&,,4JEG/?FSDJM[PB$G/?_U@ 0"   "     C_  ,('$A08#(
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MW *?!@@Y5* J\/G]-1!AD[$T@%KS+6<2,@Z5)Q"#B5GGGGV=Y<>7;OD!F!T
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MS@U@0S,"6#P@,LHJK[PO!BX_P K-.0O@=,XT8Q$TS# KC04#.&?AM  Y^_S
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=,N Z[_#&2!,P1G+HYXQ]%\Z%3IB!Q8N0?P0$ #L!

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