<SEC-DOCUMENT>0000903423-18-000171.txt : 20180321
<SEC-HEADER>0000903423-18-000171.hdr.sgml : 20180321
<ACCEPTANCE-DATETIME>20180320214636
ACCESSION NUMBER:		0000903423-18-000171
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180320
FILED AS OF DATE:		20180321
DATE AS OF CHANGE:		20180320

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:		18703218

	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_0320.htm
<TEXT>
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<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>

<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 March 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">
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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">
<!-- 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>

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<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;Documentation
of the Ordinary General Shareholders&#8217; Meeting summoned for April 25, 2018</U></I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Buenos Aires,
March&nbsp;20, 2018</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><U>SECURITIES
AND EXCHANGE COMMISSION</U></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Dear Sirs,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B><I><U>RE.:
Documentation of the Ordinary General Shareholders&#8217; Meeting summoned for April&nbsp;25, 2018</U></I></B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">I am writing
to you as&nbsp;<B>Responsible for Market Relations&nbsp;</B>of&nbsp;<B>Telecom Argentina S.A.</B>&nbsp;(&#8220;Telecom Argentina&#8221;
or the &#8220;Company&#8221;) to present the documentation of the referred Shareholders&#8217; Meeting summoned for April&nbsp;25,
2018.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">We hereby attach:</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">a)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The call to Ordinary General Shareholders&#8217; Meeting.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">b)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The proposals of the Board of Directors to the Shareholders&#8217; Meeting regarding the items in the Agenda.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">c)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">The Minutes of the Audit Committee N&ordm; 197.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Sincerely,</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: center; background-color: white"><B>Gabriel P.
Blasi</B></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; background-color: white"><B>Responsible for Market
Relations</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>


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<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: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>TELECOM ARGENTINA S.A.</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CALL TO ORDINARY GENERAL SHAREHOLDERS&#8217;
MEETING</B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The shareholders of Telecom Argentina S.A. (&#8220;Telecom
Argentina&#8221; or &#8220;the Company&#8221;) are summoned to an Ordinary General Shareholders&#8217; Meeting to be held on&nbsp;<B>April&nbsp;25,
2018</B>, at 10 a.m. on the first call, and at 11 a.m. on the 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: 12pt 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in">1.&nbsp;&nbsp;
Appoint two shareholders to sign the Minutes of the Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">2.&nbsp;&nbsp;&nbsp;Consider
the documentation of Telecom Argentina required by Law No. 19,550 section 234 subsection 1, the&nbsp;<I>Comisi&oacute;n Nacional
de Valores</I>&nbsp;(CNV) Rules, and the <I>Bolsas and Mercados Argentinos</I> (&#8220;BYMA&#8221;) Rules, as well as the financial
documentation in English required by the US Securities &amp; Exchange Commission Rules, for the Company&#8217;s twenty-ninth Fiscal
Year, ended December 31, 2017 (&#8216;Fiscal Year 2017&#8217;).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">3. &nbsp;&nbsp;Ratify the advanced distribution
of dividends, for <B>P$5,640,728,444</B>, resolved based on the Individual Special Financial Statements of Telecom Argentina as
of September 30, 2017, under the provisions of section 224, subsection 2 of the General Corporations Law No. 19,550.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">4.&nbsp;&nbsp;&nbsp;Consider
the destination of Retained Earnings of Telecom Argentina as of December 31, 2017, net of the P$5,640,728,444 distributed in advance;
that is to say, <B>P$1,989,254,041. </B>Delegate power to the Company&#8217;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 <B>P$994,627,020 </B>of the &#8220;Facultative
Reserve for future Dividend Distributions&#8221; and distribute it to the shareholders as cash dividends, enabling such delegated
powers to be exercised until December 31, 2018.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">5. &nbsp;&nbsp;Consider the documentation of
Cablevisi&oacute;n S.A. (the company that merged into Telecom Argentina S.A.) (hereinafter, &#8220;Cablevisi&oacute;n&#8221;),
under the provisions of section 234, subsection 1 of Law No. 19,550, the CNV Rules and the BYMA Rules, for Fiscal Year 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">6. &nbsp;&nbsp;Ratify the advanced distribution
of dividends, for P$4,502,777,155, resolved based on the Individual Special Financial Statements of Cablevisi&oacute;n as of September
30, 2017, under the provisions of section 224, subsection 2 of the General Corporations Law No. 19,550.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">7. &nbsp;&nbsp;Consider the allocation of the
Retained Earnings of Cablevisi&oacute;n as of December 31, 2017, net of the P$4,502,777,155 distributed in advance, that is to
say, <B>P$ 1,311,975,449</B>.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">8. &nbsp;&nbsp;Ratify the advanced distribution
of dividends, for P$212,900,000, resolved based on the Individual Special Financial Statements of Sofora Telecomunicaciones S.A.
(merged company) (hereinafter, &#8220;<U>Sofora</U>&#8221;) as of March 31, 2017, under the provisions of section 224, subsection
2 of the General Corporations Law No. 19,550.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">9. &nbsp;&nbsp;Consider the performance of Members
of the Board and Members of the Supervisory Committee of Telecom Argentina who have served from April 27, 2017 to the date of this
General Meeting.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">10.&nbsp;Consider the performance
of Members of the Board and Members of the Supervisory Committee of: i) <U>Nortel Inversora S.A.</U> (merged company) (&#8220;Nortel&#8221;),
who served from April 27, 2017 to November 30, 2017; ii) <U>Sofora</U>, who served from March 28, 2017 to November 30, 2017; and
iii) <U>Telecom Personal S.A.</U> (merged company) (&#8220;Telecom Personal&#8221;), who served from April 7, 2017 to November
30, 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">11.&nbsp;Consider the compensation for
the members of the Board of Directors of Telecom Argentina who served during Fiscal Year 2017 (from the General Meeting of April
27, 2017 to the date of this Meeting). Proposal to pay the total amount of P$101,200,000, representing 1.31% of the &#8216;accountable
earnings&#8217;, calculated according to CNV Rules Title II, Chapter III, section 3.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">12. Authorize the Board of Directors
to make advance payments to those Directors who serve during Fiscal Year 2018 (from the date of this Meeting until the Meeting
considering the documentation for said year, contingent upon what said Meeting resolves).</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">13. Consider the compensation of
Members of the Supervisory Committee of Telecom Argentina for their services during Fiscal Year 2017 (from the General Meeting
of April 27, 2017 to the date of this Meeting). Proposal to pay the total amount of P$8,850,000. Authorize the Board to pay advances
on fees of the Members of the Supervisory Committee of Telecom Argentina that serve during Fiscal Year 2018 (from the date of this
Meeting to the Meeting that considers the documentation for said year, contingent upon what said Meeting resolves).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">14. Consider fees for: i) the Board
of Directors of <U>Nortel</U> for tasks performed from April 27, 2017 to November 30, 2017; ii) the Board of Directors of <U>Telecom
Personal</U> for tasks performed from April 7, 2017 to November 30, 2017; iii) the Board of Directors of <U>Sofora</U> for tasks
performed from March 28, 2017 to November 30, 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">15. Consider fees for: i) the Supervisory
Committee of <U>Nortel</U> for tasks performed from April 27, 2017 to November 30, 2017; ii) the Supervisory Committee of <U>Telecom
Personal</U> for tasks performed from April 7, 2017 to November 30, 2017; iii) the Supervisory Committee of <U>Sofora</U> for tasks
performed from March 28, 2017 to November 30, 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">16. Elect five (5) Regular Members
of the Supervisory Committee of Telecom Argentina to serve during Fiscal Year 2018.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">17. Determine the number of Alternate
Members of the Supervisory Committee of Telecom Argentina to serve during Fiscal Year 2018 and elect them.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">18. Determine the compensation of
Independent Auditors of Telecom Argentina who served during Fiscal Year 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">19. Determine the compensation of
Independent Auditors of <U>Nortel</U> and <U>Telecom Personal</U> who served from January 1, 2017 to November 30, 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">20. Appoint the Independent Auditors
of the financial statements of Telecom Argentina for Fiscal Year 2018 and determine their compensation.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">21. Consider the budget for the Audit
Committee of Telecom Argentina for Fiscal Year 2018 (P$4,000,000).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: right; text-indent: -35.4pt"><B>THE BOARD.</B></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; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 1:</U></I></B><I>&nbsp;To
be able to attend the Shareholders&#8217; Meeting, the holders of Class B and Class C shares must deposit the book-entry shareholding
certificates issued for that purpose by &#8216;Caja de Valores S.A.&#8217;, 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 the same term and timetable, the holders of book-entry shares Class A and D must notify their
attendance to the Meeting. The deadline is <B>April 19, 2018</B>, at 5 p.m.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 2:</U></I></B><I>&nbsp;The
documentation to be discussed at the Shareholders&#8217; Meeting, including the proposals of the Board of Directors related to
the matters to be considered, are available at Telecom Argentina&#8217;s website:&nbsp;<B>www.telecom.com.ar</B>. Hard copies of
such documents may be obtained at the place and time stated in Note 1.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 3:</U></I></B><I>&nbsp;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 Meeting, shareholders must supply all the details of the holders and their representatives. 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.</I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.25in"><B><I><U>Note 4:</U></I></B><I>&nbsp;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; text-align: justify; text-indent: 0.25in"><B><I><U>Note 5:</U></I></B><I>&nbsp;Shareholders
are requested to be present at least 15 minutes prior to the scheduled time of the Meeting in order to file their proxies and sign
the Attendance Book.</I></P>

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


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

<P STYLE="font: 12pt 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 ON THE AGENDA.</U></B></P>

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the first item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal to the Shareholders&#8217; Meeting
is to appoint the two shareholders with the highest number of registered shares taking part in the Meeting to sign the Minutes.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the second item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal to the Shareholders&#8217; Meeting&nbsp;is
<B><I>&#8220;to approve the documentation of Telecom Argentina for Fiscal Year 2017 required by CNV Rules Title IV, Chapter I,
Section 1 (N.T. 2013), namely, the Annual Report and its Annex I (report on the degree of compliance with the Code of Corporate
Governance); the Informative Briefing; the Report of CNV Rules Title IV Chapter III Section 12 and the BYMA Listing Rules Section
62; the Financial Statements and all their accompanying Notes and Annexes; the Report from the Supervisory Committee, the Annual
Report submitted by the Audit Committee, and the rest of the documentation for the fiscal year, including English language documentation
required by the Securities&nbsp;&amp; Exchange Commission, in the manner in which it was submitted and adopted by the Board of
Directors, the Supervisory Committee and the Audit Committee, respectively, in their areas of competence.&#8221;</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the third item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Shareholders to <B><I>&#8220;ratify
the advance distribution of dividends by P$5,640,728,444 resolved by the Board at its Meeting No. 367 of January 31, 2018, based
on the Individual Special Financial Statements of Telecom Argentina as of September 30, 2017, in accordance with the provisions
of section 224 subsection 2 of the General Corporations Law No. 19,550.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the fourth item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Shareholders to <B><I>&#8220;allocate
the Retained Earnings of Telecom Argentina as of December 31, 2017, net of the P$5,640,728,444 distributed in advance, that is
to say, P$1,989,254,041, to set up the &#8220;Facultative Reserve for future Dividend Distributions.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Furthermore, it proposes to <B><I>&#8220;delegate
power to the Company&#8217;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 &#8216;Facultative Reserve for future Dividend Distributions&#8217;
and distribute it to the shareholders as cash dividends, enabling such delegated powers to be exercised until December 31, 2018.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"></P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the fifth item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;approve
the documentation of Cablevisi&oacute;n for fiscal year 2017 required by CNV Rules Title IV, Chapter I, Section 1 (N.T.
2013), namely, the Board Report and its Annex I (report on the degree of compliance with the Code of Corporate Governance);
the Informative Briefing; the Report of CNV Rules Title IV Chapter III Section 12 and the BYMA Listing Rules Section 62; the
Financial Statements and all their accompanying Notes and Annexes; the Report from the Supervisory Committee, and the rest of
the documentation for the fiscal year, in the manner in which it was submitted and adopted by the Board of Directors and the
Supervisory Committee, respectively, in their areas of competence.&#8221;</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the sixth item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;ratify
the advanced distribution of dividends, for P$4,502,777,155, adopted by the Board at its meeting No. 367 of January 31, 2018,
based on the Individual Special Financial Statements of Cablevisi&oacute;n as of September 30, 2017, under the provisions of section
224, subsection 2 of the General Corporations Law No. 19,550.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the seventh
item on the agenda</U></B>:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;allocate
the Retained Earnings as of December 31, 2017 of Cablevisi&oacute;n, net of the P$4,502,777,155 distributed in advance, that is
to say, P$1,311,975,449, to the setup of a &#8216;Facultative Reserve to maintain the level of investments in capital goods and
the current level of the Company&#8217;s solvency&#8217;.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the eighth item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;ratify
the advanced distribution of dividends, for P$212,900,000, adopted by the Board of Sofora based on the Individual Special Financial
Statements of Sofora as of March 31, 2017, under the provisions of section 224, subsection 2 of the General Corporations Law No.
19,550.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the ninth item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>No proposal is formulated on this item,
submitting for the consideration of the Meeting the performance of the Members of the Board and Supervisory Committee of Telecom
Argentina who have served from April&nbsp;27, 2017 to the date of this General Meeting.</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the tenth item
on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>No proposal is formulated on this item,
submitting for the consideration of the Meeting the performance of the Members of the Board and Supervisory Committee: i) of Nortel,
who served from April 27, 2017 to November 30, 2017; ii) of Sofora, who served from March 28, 2017 to November 30, 2017; and iii)
of Telecom Personal, who served from April 7, 2017 to November 30, 2017.</I></B></P>

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




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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the eleventh
item on the agenda</U></B>:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue">&nbsp;</P><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Board proposes
to the Meeting to <B><I>&#8220;approve the payment of compensation to the members of the Telecom Argentina Board of Directors serving
during Fiscal Year 2017 (from the Meeting of April&nbsp;27, 2017 to this Meeting) for a total of P$101,200,000, which includes
compensations for technical and administrative tasks undertaken by two directors under employment contract, and to delegate to
the Board the distribution of said amount as it deems appropriate. The proposed amount represents 1.31% of the accountable earnings
determined according to CNV Rules Title II, Chapter III, section 3 (N.T. 2013).&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the twelfth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;authorize
the Board to pay advance payments to the Board Members of Telecom Argentina that serve during Fiscal Year 2018 (from the date of
this Meeting to the Meeting that considers the financial documentation for said year), in accordance with the provisions of the
General Corporations Law, and contingent upon what said Meeting resolves&#8221;.</I></B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the thirteenth
item on the agenda</U></B>:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify; text-indent: -35.4pt">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;approve
the payment of compensation for members of the Supervisory Committee of Telecom Argentina for tasks performed during Fiscal Year
2017 (from the Meeting of April 27, 2017 to this Meeting), for a total of P$8,850,000, to be distributed among the regular members
of the Supervisory Committee proportionately to their respective tenures, and as determined by the Supervisory Committee.&#8221;
</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, the Board proposes to <B><I>&#8220;authorize
the Board to pay advance payments to the members of the Supervisory Committee of Telecom Argentina that serve during Fiscal Year
2018 (from the date of this Meeting to the Meeting that considers the documentation for said year), contingent upon what said Meeting
resolves.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the fourteenth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;approve
the payment of compensation for members of the Board of <U>Nortel</U> for tasks performed from April 27, 2017 to November 30, 2017,
for a total amount of P$5,600,000, representing 0.15% of accountable earnings for the period started January 1, 2017 and ended
November 30, 2017.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, it proposes to <B><I>&#8220;approve
the payment of compensation for members of the Board of <U>Telecom Personal</U> for tasks performed from April 7, 2017 to November
30, 2017, for a total amount of P$4,950,000, representing 0.08% on the accountable earnings of the period started January 1, 2017
and ended November 30, 2017.&#8221; </I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;approve
the payment of compensation for members of the Board of <U>Sofora</U> for tasks performed from March 28, 2017 to November 30, 2017,
for a total amount of $5,000,000.&#8221;</I></B></P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, the Board proposes to <B><I>&#8220;delegate
powers to the Company&#8217;s Board to distribute these amounts in the manner it deems convenient among the members of the Boards
of Nortel, Telecom Personal and Sofora, respectively.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the fifteenth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;approve
the payment of compensation for members of the Supervisory Committee of <U>Nortel</U> for tasks performed from April 27, 2017 to
November 30, 2017, for a total amount of P$1,250,000.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Additionally, it proposes to <B><I>&#8220;approve
the payment of compensation for members of the Supervisory Committee of <U>Telecom Personal</U> for tasks performed from April
27, 2017 to November 30, 2017, for a total amount of P$2,750,000.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board proposes to the Meeting to <B><I>&#8220;approve
the payment of compensation for members of the Supervisory Committee of <U>Sofora</U> for tasks performed from March 28, 2017 to
November 30, 2017, for a total amount of P$1,450,000.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, the Board proposes to <B><I>&#8220;distribute
these amounts among the regular members of the Supervisory Committees of Nortel, Telecom Personal and Sofora proportionally to
their respective tenures, as the Company&#8217;s Supervisory Committee determines, respectively.&#8221; </I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the sixteenth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>The Board refrains from formulating a
proposal regarding the persons to be appointed as regular members of the Supervisory Committee. The Shareholders nominating members
to the Supervisory Committee are reminded of the following provision in section 79 of Law No. 26,831: &#8216;In publicly listed
companies or companies with negotiable debt instruments, all members of the Supervisory Committee shall be independent&#8217;,
and therefore they must inform the Meeting if their nominees qualify as independent, pursuant to the standard set by the CNV Rules.
</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the seventeenth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I>The Board refrains from formulating a
proposal on this item. The Shareholders are informed that the Bylaws require the Supervisory Committee to be formed by three or
five alternate members, whose number and election are to be resolved by the Meeting. </I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the eighteenth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is <B><I>&#8220;to
set the total compensation for the Independent Auditors of the financial statements of Telecom Argentina for Fiscal Year 2017 at
P$15,840,000 (which does not include VAT), broken down into P$7,920,000 for financial statement audit tasks, and P$7,920,000
for audit tasks in connection with the certification under Sarbanes-Oxley Section 404.&#8221;</I></B></P>


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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the nineteenth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is <B><I>&#8220;to
set the total compensation for audit services provided by the Independent Auditors of the financial statements of <U>Nortel</U>
from January 1, 2017 to November 30, 2017 at P$140,000 (which does not include VAT).&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is <B><I>&#8220;to
set the total compensation for audit services provided by the Independent Auditors of the financial statements of <U>Telecom Personal</U>
from January 1, 2017 to November 30, 2017 at P$6,120,000 (which does not include VAT).&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the twentieth
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is <B><I>&#8220;to
appoint the firm Price Waterhouse &amp; Co. S.R.L. as the Independent Auditors of the financial statements of Telecom Argentina
for Fiscal Year 2018. If the proposal is accepted, Mr. Carlos Alberto Pace would act as the regular certifying accountant, and
Mr. Marcelo Daniel Pfaff would act as his alternate. Furthermore, it is proposed that the compensation of the appointed Independent
Auditors be determined by the General Meeting considering the financial documentation for Fiscal Year 2018, empowering the Audit
Committee to establish the method of service delivery and to make advance payments on fees.&#8221;</I></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: blue"><B><U>Proposal for the twenty-first
item on the agenda</U></B>:</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The proposal for the Meeting is <B><I>&#8220;to
approve a budget of P$4,000,000 for the operation of the Audit Committee in Fiscal Year 2018, in accordance with the estimate
made by said Audit Committee.&#8221;</I></B></P>

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

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


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

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>AUDIT COMMITTEE</U></B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>MEETING MINUTES No. 197</U></B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">MEMBERS
IN ATTENDANCE: &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mart&iacute;n H&eacute;ctor D&#8217;Ambrosio, Carlos Alejandro Harrison <BR>
&nbsp;&nbsp;and Germ&aacute;n Horacio Vidal</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 177pt">SECRETARY:</TD><TD STYLE="text-align: justify">&nbsp;&nbsp;Roberto Abal, as replacement for H&eacute;ctor Daniel Cazzasa</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">EXTERNAL
ADVISOR:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlos Fern&aacute;ndez Funes</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">OTHER ATTENDEES:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Alejandro
Miralles</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 177pt; text-align: justify; text-indent: -177pt">DATE OF
MEETING: &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 15, 2018</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">PROCEEDINGS OF MEETING:</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 24pt 0 0; background-color: white"><B>I. <U>OVERVIEW OF THE AGENDA:</U></B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 24pt 0 0; background-color: white">Mr. Abal presented the agenda
prepared for the meeting by the Chairman and distributed in advance to Committee members. Electronic copies of documentation for
use at the meeting were also sent in advance to Audit Committee members.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white"><B>II.
<U>OPINION ON THE PROPOSALS THAT THE BOARD OF DIRECTORS INTENDS TO SUBMIT TO THE ANNUAL GENERAL ORDINARY SHAREHOLDERS&#8217; MEETING
</U></B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The Board
of Directors of the Company, at its meeting No.&nbsp;<B>368</B> held on March&nbsp;7, 2018, decided to request the opinion of the
Audit Committee, in accordance with section 110, subsections a) and e) of Law 26,831 and Section&nbsp;10A of the U.S. Securities
Exchange Act, on certain proposals that the Board of Directors intends to submit for the consideration of the Annual General Ordinary
Shareholders&#8217; Meeting.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">Furthermore,
in its capacity as continuing company following the merger on December 1, 2017 of its controlling company Nortel Inversora S.A.
(&#8220;Nortel&#8221;) &#8212;and considering that the latter was publicly listed&#8212; the Shareholders&#8217; Meeting of Telecom
Argentina shall consider, with the opinion of the Audit Committee: i) The compensation of Nortel Directors that served from April
27, 2017 to November 30, 2017; and ii) the fees to be paid to the External Auditors for the audit of Nortel&#8217;s Financial Statements
for irregular fiscal year 2017 (started
on January 1, 2017 and ended November 30, 2017)</P>


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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify; background-color: white">The proposals
formulated are included below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><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: 12pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a) <U>Telecom Argentina</U>:
The proposal to allocate the aggregate compensation of <B>P$101,200,000</B> to the members of the Telecom Argentina Board of Directors
serving during Fiscal Year 2017 (from April&nbsp;27, 2017 through the Shareholders Meeting that considers their compensation) and
to empower the Board of Directors to distribute such amount among its members. Said amount includes the fees payable for serving
as Board Members, the amounts for the roles of President and Vice President of the Company, for sitting on several Board Committees,
and compensations for technical and administrative tasks undertaken by two directors under employment contract. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">The
proposed amount represents 1.31% of the &#8216;accountable earnings&#8217; for Fiscal Year 2017, calculated according to section
3, Chapter III, Title II of the Rules of the&nbsp;<I>Comision Nacional de Valores</I>&nbsp;(CNV) (N.T. 2013).</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">Additionally,
the Board of Directors would propose to the Shareholders Meeting to grant authorization to the Board to make advance payments to
those directors acting during Fiscal Year 2018 (from the date of the Shareholders Meeting that considers this matter through the
date of the meeting that reviews Fiscal Year 2018 documents), in compliance with the provisions of the General Corporations Law,
and contingent upon the decision of the Shareholders Meeting that considers the final documentation of such fiscal year.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">b) <U>Nortel</U>:
The proposal to allocate the aggregate compensation of <B>P$5,600,000</B> to the members of the Nortel Board of Directors serving
from April&nbsp;27 to November 30, 2017, and to empower the Company&#8217;s Board of Directors to distribute such amount among
the members of the Nortel Board of Directors.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">The
proposed amount represents 0.15% of the &#8216;accountable earnings&#8217; for Nortel&#8217;s irregular Fiscal Year 2017 (started
January 1, 2017 and ended November 30, 2017), calculated according to section 3, Chapter III, Title II of the Rules of the&nbsp;<I>Comision
Nacional de Valores</I>&nbsp;(CNV) (N.T. 2013).</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><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: 12pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">a) <U>Telecom Argentina:</U>
The proposal to pay Price Waterhouse&nbsp;&amp; Co. S.R.L., (&#8220;PwC&#8221;) for its services as External Independent Auditors
of Telecom Argentina&#8217;s financial statements for Fiscal Year 2017, the amount of <B>P$15,840,000</B> (which does not include
VAT), broken down into <B>P$7,920,000</B> for financial statement audit tasks, and <B>P$7,920,000</B> for audit tasks related
to the certification under Section&nbsp;404 of the Sarbanes Oxley Act.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; background-color: white">b) <U>Nortel:</U>
The proposal to pay PwC for its services as External Independent Auditors of Nortel&#8217;s financial statements for irregular
Fiscal Year 2017 (from January 1, 2017 to November 30, 2017), the amount of <B>P$140,000</B> (which does not include VAT).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0; background-color: white"><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: 12pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">The proposal to appoint
Price Waterhouse&nbsp;&amp; Co. S.R.L. as Independent External Auditors of Telecom Argentina&#8217;s financial statements for the
Fiscal Year ending December&nbsp;31, 2018, with Carlos Alberto Pace acting as the regular certifying accountant and Marcelo Daniel
Pfaff as his alternate. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0 0.25in; text-align: justify; background-color: white">The
Audit Committee has also been asked to report the amount of expenses that were assigned to its operation and training activities
during Fiscal Year 2017 to be reported to the Shareholders Meeting, and to assess the funds it considers necessary to carry out
its duties during Fiscal Year 2018, in order to request the Shareholders&#8217; Meeting to approve the respective budget.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 6pt 0 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 24.45pt; text-align: justify; background-color: white"><B><U>1)
Opinion on the Proposal of Compensation for the members of the Board of Directors acting during Fiscal Year 2017 and advance payments
to those who shall serve in 2018</U></B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 24.45pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">a) <U>Telecom
Argentina:</U> The proposal to allocate to the directors serving in Fiscal Year 2017 (from April&nbsp;27, 2017 until the date of
the meeting that reviews their compensation) the aggregate compensation of <B>P$101,200,000</B>, proposing to the Shareholders&#8217;
Meeting to delegate into the Board of Directors the authority to distribute such amount among its members. The aforementioned amount
includes the fees for the performance of Directors&#8217; duties, the roles of Chairman and Vice Chairman of the Company, participation
in the various Board Committees, as well as compensation for the technical and administrative functions served by two Directors
under employment contract.</P>


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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white"></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">In order
to evaluate such proposal, the members of the Audit Committee have considered the following:</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 87%; padding-left: 21.2pt; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 150%">&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">the number of members of the Board of Directors (11 regular members and 11 alternate members), their roles, responsibilities and dedication to their functions;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 21.2pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 150%">&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">the participation of members of the Board of Directors in several committees (Audit Committee, Steering Committee and Operations Committee, the latter two, replaced by the Executive Committee since January 31, 2018) which demand high professionalism and many hours of work, and involve a high level of responsibility; additionally, the roles of Chairman and Vice Chairman, and the compensation for technical and administrative tasks performed by two Directors under employment contract have been considered;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 21.2pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">3.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 150%">&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">the consistency of this proposal with those submitted in previous fiscal years. It should be noted that during the fiscal year under review, Members of the Board of Directors have applied a considerable amount of time to the analysis and discussion of multiples matters deriving from the merger of Telecom and its related companies, on the one hand, and Telecom and Cablevisi&oacute;n, on the other. </FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 21.2pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 150%">&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">the updated survey conducted on the&nbsp;<I>Autopista de Informacion Financiera</I>&nbsp;of the&nbsp;<I>Comision Nacional de Valores</I>, &#8220;CNV&#8221;, regarding remunerations paid to directors of other companies similar to Telecom Argentina during the last fiscal year, as reported by such companies. Said survey shows that the fees proposed for Telecom Argentina&#8217;s directors, as a whole, are consistent with the average amounts paid by such organizations and by Telecom Argentina in previous years;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-left: 21.2pt; text-align: justify; text-indent: -13.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 150%">&nbsp; </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%">the fact that the total amount of fees proposed represents a small percentage (1.31%) of the &#8216;accountable earnings&#8217;, calculated according to CNV Rules.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 0.25in; text-align: justify; background-color: white">Based
on the above, it is agreed that the total remuneration of <B>P$101,200,000</B> proposed by the Board of Directors for its Members
serving during Fiscal Year 2017 from April&nbsp;27, 2017 through the date of the Shareholders&#8217; Meeting reviewing its compensation,
is reasonable (under the terms of section 2 paragraph d of Chapter III, Title II, of CNV Rules). The factors considered include
the number of directors and their responsibilities, representation, and technical tasks as members of several Board of Directors&#8217;
committees; the technical and administrative tasks performed by two Directors under employment contract; the dedication to the
role, competence and professional reputation of Directors, and the market value of their services. Furthermore, the proposal does
not involve any infringement of any legal, regulatory or statutory provision applicable to the Company.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 0.25in; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; background-color: white">The
Audit Committee also considers reasonable, according to market practices, the proposal to authorize the Board of Directors to make
advance payments to those Directors serving during Fiscal Year 2018 (from the date of the Shareholders Meeting that deals with
this advance through the date of the Meeting that reviews Fiscal Year 2018 documents), in compliance with the provisions of the
General Corporate Law, and contingent upon the decision of the Shareholders Meeting that considers the financial statements of
such Fiscal Year.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">b) <U>Nortel:</U>
The proposal to allocate the aggregate compensation of <B>P$5,600,000</B> to the members of the Nortel Board of Directors serving
from April&nbsp;27 to November 30, 2017, and to empower the Company&#8217;s Board of Directors to distribute such amount among
the members of the Nortel Board.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">In order
to evaluate such proposal, the members of the Audit Committee have considered the following:</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 27pt; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">the updated survey conducted
on the&nbsp;<I>Autopista de Informacion Financiera</I>&nbsp;of the&nbsp;<I>Comision Nacional de Valores</I>, &#8220;CNV&#8221;,
regarding remunerations paid to directors of other companies similar Nortel during the last fiscal year, as reported by such companies.
Said survey shows that the fees proposed for Nortel&#8217;s</FONT></TD></TR></TABLE>


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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0 0 0 45pt; text-align: justify; background-color: white">directors,
as a whole, are consistent with the average amounts paid by such organizations and by Nortel in previous years;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">The proposed amount represents
a minimum percentage (0.15%) of the &#8216;accountable earnings&#8217;, calculated according to CNV Rules. </FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 12pt 0 0 0.25in; text-align: justify; background-color: white">Based
on the above, it is agreed that the total remuneration of <B>P$5,600,000</B> proposed by the Board of Directors for the Nortel
Directors serving from April 27, 2017 to November 30, 2017, is adequate under the terms of section 2 paragraph d of Chapter III,
Title II, of CNV Rules, and does not involve any infringement of any legal, regulatory or statutory provision applicable to the
Company.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><BR STYLE="clear: both">
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%"><B>2)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%"><B><U>Opinion on the Proposal of Fees payable to the Independent Auditors for Fiscal Year 2017</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">a) <U>Telecom
Argentina:</U> The Board of Directors has requested the opinion of the Audit Committee on the proposal it intends to submit to
the Shareholders regarding the fees to be paid to Price Waterhouse&nbsp;&amp; Co. S.R.L., for their services as Independent Auditors
of the financial statements of Telecom Argentina for fiscal year 2017. The proposal to be submitted at the Shareholders&#8217;
Meeting includes the payment of <B>P$15,840,000</B> (which does not include VAT), of which <B>P$7,920,000</B> are fees for financial
statement audit tasks and <B>P$7,920,000</B> are fees for the audit activities performed in connection with the certification
under Section&nbsp;404 of the Sarbanes Oxley Act.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Audit Committee
considers that the amount of <B>P$7,920,000</B> that the Board of Directors will propose to the Shareholders&#8217; Meeting as
compensation for the financial statement audit tasks performed by the Independent Auditors during fiscal year 2017 is reasonable
and consistent with the importance, magnitude and quality of the tasks performed, and is within the range of the fees approved
by other listed companies similar to Telecom Argentina.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Likewise, taking
into account the complexity of the task and the specialization required for the Independent Auditors to perform the audit in respect
of the certification under Section&nbsp;404 of the Sarbanes Oxley Act, the Audit Committee concludes that the amount of <B>P$7,920,000</B>
that the Board of Directors will propose to the Shareholders&#8217; Meeting as remuneration for audit tasks performed is also deemed
reasonable.</P>


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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">b) <U>Nortel:</U>
The Board of Directors has requested the opinion of the Audit Committee on the proposal it intends to submit to the Shareholders
regarding the fees to be paid to Price Waterhouse&nbsp;&amp; Co. S.R.L., for its services as Independent Auditors of Nortel&#8217;s
financial statements for irregular Fiscal Year 2017 (from January 1, 2017 to November 30, 2017). The proposal to be submitted to
the Shareholders provides for the payment of <B>P$140,000</B> (which does not include VAT).</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Audit Committee
considers that the amount of <B>P$140,000</B> that the Board of Directors will propose to the Shareholders&#8217; Meeting to be
approved as compensation for audit tasks on Nortel&#8217;s financial statements by the Independent Auditors during irregular fiscal
year 2017 is reasonable and consistent with the importance, magnitude and quality of the tasks performed, and is within the range
of the fees approved by other listed companies similar to Nortel.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%"><B>3)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; line-height: 150%"><B><U>Opinion on the Proposal to Appoint the Independent Auditors for Fiscal Year 2018</U></B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board will propose the General Meeting
to appoint Price Waterhouse&nbsp;&amp; Co. S.R.L. as Independent External Auditors of the financial statements for the fiscal year
ending December&nbsp;31, 2018, with Carlos Alberto Pace acting as the regular certifying accountant and Marcelo Daniel Pfaff as
his alternate.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Audit Committee, under the specific
provisions of CNV regulations &#8212;substantiated opinion required by section 28 subsection c), Section VI, Chapter III, Title
II of the CNV Rules (N.T. 2013 and amendments)&#8212; carried out, in early 2016, a review of the background and performance of
Price Waterhouse&nbsp;&amp; Co. S.R.L. (&#8220;PwC&#8221;), the current external independent auditors of Telecom Argentina, and
of Cablevisi&oacute;n until December 31, 2017, given that at 12:00 am on January 1, 2018, the merger between both companies was
completed.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The assessment
conducted on that occasion was based mainly on the knowledge of the background and performance of the firm, as part of the Audit
Committee&#8217;s activities of annual oversight and evaluation of external auditors, with the aim to achieve reliability in the
financial information that the Company provides to control entities, investments, and markets.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Additionally,
the firm&#8217;s audit and support teams, at both national and international level, have in-depth knowledge of the business systems
and processes, and particularly, of the financial information generation process.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">In summary, PwC
is a firm of local and international prestige, with a vast and outstanding professional record, and its procedures meet stringent
levels of quality and independence from audited companies. Additionally, it has sound knowledge of the business of Telecom Argentina
and Cablevisi&oacute;n, and of their administrative and internal control structure.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Therefore, the
Audit Committee, based on the background of the proposed firm, its performance in previous years and the abovementioned considerations,
unanimously resolved to submit to the Board of Directors a favorable opinion on the proposal to appoint PwC as External Independent
Auditors for the year 2018.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0.25in 0 0; text-align: justify; background-color: white"><B><U>Audit
Committee Expenses - 2017 Report and 2018 Budget</U></B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Board of Directors
requested the Audit Committee to report the expenses incurred in its operation and training activities in Fiscal Year 2017, and
to estimate the amount that it considers necessary to carry out its activities in Fiscal Year 2018, in order to request the approval
by the Shareholders&#8217; Meeting of the relevant budget.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Mr. Abal submitted
a report on the expenses incurred by the Committee from May 2017 through April 2018, segregating those already incurred and those
to be accrued until the closing of such budget period. The members of the Committee reviewed the different items included in the
report, which showed aggregate expenses of P$1,278,899 for such period.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">Continuing with
discussions concerning the budget, in view of the activities performed during the previous fiscal year, the training and advisory
needs estimated for the current year, and the hiring of services required for the effective performance of its tasks and responsibilities,
as well as the general evolution of costs, the members of the Audit Committee resolved to request the Shareholders&#8217; Meeting
to approve an operating budget of <B>P$4,000,000</B> for Fiscal Year 2018.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">A copy of the
Audit Committee&#8217;s expense report, its budget estimates, and the survey of directors&#8217; and external auditors&#8217; fees
in the&nbsp;<I>Autopista de Informaci&oacute;n Financiera</I>&nbsp;were included in the folder with supporting and background documentation
of the matters discussed by the Committee.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, it was unanimously resolved that
the Chair, Mr. Carlos Alejandro Harrison, sign this document on behalf of the Audit Committee and forward it to the Board of Directors
of Telecom Argentina S.A.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">There being no further business to transact,
the meeting was adjourned and the proposal was made to communicate the date for the next meeting through the Secretary of the Audit
Committee.</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/150% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>/s/ Mart&iacute;n H&eacute;ctor D&#8217;Ambrosio
&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;/s/ Germ&aacute;n Horacio Vidal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#9;/s/ Carlos Alejandro Harrison</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: white">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">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-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">March 20, 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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