<SEC-DOCUMENT>0000903423-18-000057.txt : 20180201
<SEC-HEADER>0000903423-18-000057.hdr.sgml : 20180201
<ACCEPTANCE-DATETIME>20180201080126
ACCESSION NUMBER:		0000903423-18-000057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180131
FILED AS OF DATE:		20180201
DATE AS OF CHANGE:		20180201

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:		18564703

	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_0131d.htm
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<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">
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</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">
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    <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">
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    <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">
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    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P><P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></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="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I><U>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
Release &ndash; Telecom Argentina S.A. announces an Investment Plan for the 2018-2020 triennium, the payment of dividends for
the fiscal year ended December 31, 2016 and of interim dividends for the nine-month period ended September 30, 201</U></I></B></FONT><B>7.</B></P>



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    <TD STYLE="width: 33%; text-align: left; vertical-align: bottom"><P STYLE="color: #4576D6; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: left">For immediate release</P>
</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>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray">&nbsp;</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray">Market Cap: P$310.3 billion</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right; color: gray">January 31, 2018</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Solange Barthe Dennin</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(54 11) 4968-3752</P>

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

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: center; color: #4576D6">Telecom Argentina
S.A.</P>

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: center; color: #4576D6">announces an Investment
Plan for the 2018-2020 triennium, the payment of dividends for the fiscal year ended December 31, 2016 and of interim dividends
for the nine-month period ended September 30, 2017</P>

<P STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin: 0 1.15pt 0 0; text-align: center; color: #3366FF"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #818181"><I>Buenos Aires, January 31,
2018</I> - Telecom Argentina S.A. (&#8220;Telecom Argentina&#8221; or the &#8220;Company&#8221;) (BASE: TECO2, NYSE: TEO), one
of Argentina's leading telecommunications groups, announces that its Board of Directors approved a three-year Investment Plan (2018-2020)
for an amount of U$S 5,000,000,000 (equivalent to approximately $100,000,000,000, converted to the exchange rate of today), which
will be destined to increase the telephone and mobile internet radiobases, to extend the NGN (Next Generation Networks) networks,
and to expand and improve the connectivity infrastructure in order to be able to provide multiplay services, in the framework of
convergence.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #818181">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #818181">Additionally,
the Company announces that its Board of Directors on its meeting held today, decided to: (i) in accordance to the powers delegated
to it by the General Shareholders&#8217; Meeting celebrated on the same day, withdraw the amount of <B>P$ 2,863,000,000</B> of
the &#8216;Reserve for Future Cash Dividends&#8217; as of December 31, 2017 of Telecom Argentina and to distribute such amount
as cash dividends, (ii) dispose, based on the Individual and Special Financial Statements of Telecom Argentina S.A. as of September
30, 2017, the distribution of interim cash dividends in the amount of <B>P$5,641,000,000 </B>corresponding to the net income (liquid
and realized) for the nine-month period ended September 30, 2017<B>, </B>and (iii) dispose, based on the Individual and Special
Financial Statements of Cablevisi&oacute;n S.A. (company absorbed by merger by Telecom Argentina) as of September 30, 2017, the
distribution of interim cash dividends in the amount of <B>P$4,503,000,000 </B>corresponding to the net income (liquid and realized)
for the nine-month period ended September 30, 2017<B>. </B></FONT><FONT STYLE="color: gray">The interim cash dividends mentioned
in items (ii) and (iii) are subject to ratification of the Ordinary General Shareholders&#8217; Meeting that considers the documentation
for the fiscal year ended December 31, 2017. <B><U>Taking into account all the aforementioned items in (i), (ii) and (iii), the
</U></B></FONT><B><U><FONT STYLE="color: #818181">total payment</FONT></U></B><FONT STYLE="color: #818181"> amounts to <B>P$13,007,000,000.
</B></FONT></P>

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #818181">The payment of these
dividends will be made available to Shareholders as from February 15, 2018. The amount to be distributed is equivalent, according
with the aforementioned items, to (i) 132.9348% </FONT><FONT STYLE="color: gray">of the outstanding capital and the nominal
value of its representative shares</FONT> <FONT STYLE="color: gray">and to <B>P$1.329347605 per outstanding share in circulation
or P$6.646738027 per ADR</B>, (ii) </FONT><FONT STYLE="color: #818181">261.9228% of the outstanding capital and the nominal value
of its representative shares</FONT> <FONT STYLE="color: gray">and to <B>P$2.619228027 per outstanding share in circulation and
to P$13.096140135 per ADR</B>, and (iii) 209.0832% </FONT><FONT STYLE="color: #818181">of the outstanding capital and the nominal
value of its representative shares</FONT> <FONT STYLE="color: gray">and to <B>P$2.090832088 per outstanding share in circulation
and to P$10.454160438 per ADR. <U>Taking into account all the aforementioned items in (i), (ii) and (iii), the </U></B></FONT><B><U><FONT STYLE="color: #818181">total
payment</FONT></U></B> <FONT STYLE="color: gray">equals 603.9408% </FONT><FONT STYLE="color: #818181">of the outstanding capital
and the nominal value of its representative shares</FONT> <FONT STYLE="color: gray">and to <B>P$6.039407720 per outstanding share
in circulation and to P$30.197038600 per ADR</B>. Dividends will not be paid to nor reserved for Treasury shares.</FONT></P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">For <B>ADR holders</B>,
the <B>Record Date </B>of this dividend payment is <B>February 14, 2018</B> and the <B>Payment Date</B> is <B>February 22, 2018</B>.
The payment to these shareholders will be made through the Depositary Bank, JP Morgan Chase Bank N.A.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">For <B>non-ADR holders</B>,
the <B>Record Date</B> of this dividend payment is also <B>February 14, 2018</B> and payment will be available on <B>February 15,
2018</B>. For these shareholders, payment will be made through Caja de Valores S.A. in Argentina.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">Finally, the Board of Directors
also disposed the withdrawal and distribution as a second cash dividend payment of the amount of <B>P$6,866,418,019</B>, that will
be made available to shareholders as from April 30, 2018, the Board of Directors being able to anticipate such payment if it deems
it appropriate in the future.</P>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; color: gray">****</P>

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    <TD STYLE="width: 33%; text-align: right">&nbsp;<IMG SRC="image_020.gif" ALT=""></TD></TR>
</TABLE><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">&nbsp;</P>

<P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">Telecom Argentina is the parent
company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries
local and long distance fixed-line telephony, cellular, data transmission, and pay TV and Internet services, among other services.
Additionally, the Telecom Group offers cellular services in Paraguay and pay TV services in Uruguay. The Company commenced operations
on November 8, 1990, upon the Argentine government&#8217;s transfer of the telecommunications system in the northern region of
Argentina.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray"></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left; color: gray"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;<IMG SRC="image_043.jpg" ALT="" STYLE="height: 211px; width: 308px"></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 66%"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                           <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left; color: gray">As of January 31,
2018, Telecom Argentina has 2,168,909,384 shares issued <BR>
and 2,153,688,011 shares outstanding.</P></TD></TR>
</TABLE>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: left; color: gray">&nbsp;</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray"></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center; color: gray"></P>



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

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; color: gray"></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; text-indent: -27pt; color: gray">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; text-indent: -212.65pt; color: gray">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; text-indent: -212.65pt; color: gray">For
more information, please contact Investor Relations:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 212.65pt; text-align: justify; color: gray">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Solange Barthe Dennin</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 15.3pt 0 0; color: gray">(5411) 4968 3752</P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 15.3pt 0 0; color: gray">Luis F. Rial Ubago</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0 15.3pt 0 0; color: gray">(5411) 4968 3718</P></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Antonella Papaleo</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(5411) 4968 6236</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">&nbsp;</P></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">Nahuel Monsalvo</P>
        <P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; color: gray">(5411) 4968 4448</P></TD></TR>
</TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray"></P>

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

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">Voice Mail: (5411) 4968 3628<BR>
Fax: (5411) 4968 3616</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">E-mail: relinver@teco.com.ar</P>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">For information about Telecom
Group services, visit:</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #3366FF">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">www.telecom.com.ar</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">www.personal.com.ar</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">www.personal.com.py</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">www.arnet.com.ar</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray">www.cablevisionfibertel.com.ar</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray"><U>www.nextel.com.ar</U></P>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: gray"><U>Disclaimer</U></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0.25in; text-align: justify; color: gray">This document may contain
statements that could constitute forward-looking statements, including, but not limited to, the Company&#8217;s expectations for
its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure;
the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine Government; and the impact
of rate changes and competition on the Company&#8217;s future financial performance. Forward-looking statements may be identified
by words such as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;projects,&#8221; &#8220;intends,&#8221;
&#8220;should,&#8221; &#8220;seeks,&#8221; &#8220;estimates,&#8221; &#8220;future&#8221; or other similar expressions. Forward-looking
statements involve risks and uncertainties that could significantly affect the Company&#8217;s expected results. The risks and
uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that have resulted
in the repeal of Argentina&#8217;s Convertibility law, devaluation of the peso, various changes in restrictions on the ability
to exchange pesos into foreign currencies, and currency transfer policy generally, the &#8220;pesification&#8221; of tariffs charged
for public services, the elimination of indexes to adjust rates charged for public services and the Executive branch announcement
to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in
laws and economic and business conditions in Argentina, it is difficult to predict the impact of these changes on the Company&#8217;s
financial condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing inflationary
pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as the date of this document. The Company undertakes no obligation to
release publicly the results of any revisions to forward-looking statements which may be made to reflect events and circumstances
after the date of this press release, including, without limitation, changes in the Company&#8217;s business or to reflect the
occurrence of unanticipated events. Readers are encouraged to consult the Company&#8217;s Annual Report on Form 20-F, as well as
periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange Commission for
further information concerning risks and uncertainties faced by Telecom.</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; color: gray"><B>****</B></P><!-- Field: Page; Sequence: 4 -->
    <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>



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