<SEC-DOCUMENT>0000903423-18-000055.txt : 20180131
<SEC-HEADER>0000903423-18-000055.hdr.sgml : 20180131
<ACCEPTANCE-DATETIME>20180131171024
ACCESSION NUMBER:		0000903423-18-000055
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180131
FILED AS OF DATE:		20180131
DATE AS OF CHANGE:		20180131

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:		18563560

	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_0131b.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><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&rsquo;s name into
English)</P>

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%; text-align: 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 &ldquo;Yes&rdquo; is marked, indicate below
the file number assigned to the registrant in connection with Rule 12g3-2(b): <U>N/A</U></P>


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


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

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

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

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

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

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

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

<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-size: 11pt"><B><I>1.</I></B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><B><I><U>Composition of the Board of Directors, the Supervisory Committee
and members of the Audit Committee since January 31, 2018.</U></I></B></FONT></TD></TR></TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: left; vertical-align: bottom"><B><U>FREE TRANSLATION</U></B></TD>
    <TD STYLE="width: 34%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: right">&nbsp;<IMG SRC="image_020.gif" ALT=""></TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&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><U>TELECOM ARGENTINA S.A.</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>COMPOSITION OF THE BOARD OF DIRECTORS,
THE SUPERVISORY COMMITTEE AND MEMBERS OF THE AUDIT COMMITTEE</U></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>AS OF JANUARY 31, 2018</U></B></P>

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

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">I)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Pursuant to the resolutions adopted by the General Ordinary Shareholders&#8217;
Meeting held on January 31, 2018 and by the Board of Directors on its meeting celebrated in the same day, the composition of the
Board of Directors of Telecom Argentina S.A. is as follows:</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B><U>BOARD OF DIRECTORS</U>:
<U>Chairman:</U></B> Mr. Alejandro Alberto Urricelqui. <B><U>Vice-Chairman:</U></B> Mr. Mariano Marcelo Ib&aacute;&ntilde;ez. <B><U>Directors:</U></B>
Mr. Sebasti&aacute;n Bardengo, Mr. Ignacio Jos&eacute; Mar&iacute;a S&aacute;enz Valiente, Mr. Dami&aacute;n Fabio Cassino, Mr.
Carlos Alejandro Harrison, Mr. Mart&iacute;n H&eacute;ctor D&acute;Ambrosio, Mr. Germ&aacute;n Horacio Vidal, Mr. Luca Luciani,
Mr. Baruki Luis Alberto Gonz&aacute;lez and Mr. Alejo Maxit. <B><U>Alternate Directors:</U></B> Mrs. Mar&iacute;a Lucila Romero,
Mr. Sebasti&aacute;n Ricardo Frabosqui Diaz, Mrs. Claudia Irene Ostergaard, Mr. Nicol&aacute;s Sergio Novoa, Mr. Jos&eacute; Carlos
Cura, Mr. Miguel &Aacute;ngel Gra&ntilde;a, Mr. Facundo Goslino, Mrs. Lucrecia Mar&iacute;a Delfina Moreira Savino, Mr. Saturnino
Jorge Funes, Ms. Carolina Susana Curzi and Mr. Santiago Ibarz&aacute;bal Murphy.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The members of the
Board of Directors will hold office for three Fiscal Years (until the date of the Shareholders' Meeting which will consider the
documentation for Fiscal Year 2020).</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">II) &nbsp;&nbsp;Pursuant
to the resolutions adopted by the General Ordinary and Extraordinary Shareholders&#8217; Meeting held on April 27, 2017, and by
the General Ordinary and Extraordinary Shareholders&#8217; Meeting held on May 23, 2017 which second part was held on June 6, 2017,
the composition of the Supervisory Committee is as follows:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.2pt 0 0; text-align: justify"><B><U>SUPERVISORY COMMITTEE</U></B>:
<B><U>Regular Members</U>:</B> Mr. Pablo Andr&eacute;s Buey Fern&aacute;ndez, Mr. Ernesto Juan Cassani, Mr. Diego Emilio Rangugni,
Mrs. Mar&iacute;a Ximena Dig&oacute;n and Mr. Gabriel Andr&eacute;s Carretero. <B><U>Alternate Members</U>:</B> Mr. Javier Alegr&iacute;a,
Mr. Pablo Cinque, Mr. Juan Facundo Genis, Mrs. Ximena Noguerol and Mr. Ra&uacute;l Alberto Garr&eacute;.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The members of the
Supervisory Committee will hold office until the date of the Shareholders' Meeting which will consider the documentation for the
Fiscal Year 2017.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">III)&nbsp;&nbsp;Pursuant
to the resolutions adopted by the Board of Directors on its N&deg; 367 meeting celebrated on January 31, 2018, the composition
of the Audit Committee as from today is as follows:</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.2pt 0 0; text-align: justify"><B><U>AUDIT COMMITTEE:</U></B> Mr.
Carlos Alejandro Harrison (&#8220;financial expert&#8221; of the Audit Committee); Mr. Mart&iacute;n H&eacute;ctor D&acute;Ambrosio
and Mr. Germ&aacute;n Horacio Vidal.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Sincerely,</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>/s/ Andrea V. Cerd&aacute;n</U></P>

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


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 20pt; padding-left: 5.4pt"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">January 31, 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 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_020.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_020.gif
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M[PB$G/?_U@ 0"   "    "'Y! $  /\ +     !\ #X   C_  ,('$A0H#(
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M&&5*$%)SGO\:Y:I-9MBHE0,].E&D%TVZT6QJ2@JI35.A).2L" U:Y!BW(J0
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MODIVF9L]@(-M%. 2P4@U+5SA:5=PFM6L]K1!/LUN3HM (*%VMS-*[85;Y&
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-7+]ZUK^>]:P!$!  .P$!

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