<SEC-DOCUMENT>0000903423-18-000226.txt : 20180426
<SEC-HEADER>0000903423-18-000226.hdr.sgml : 20180426
<ACCEPTANCE-DATETIME>20180426085934
ACCESSION NUMBER:		0000903423-18-000226
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180425
FILED AS OF DATE:		20180426
DATE AS OF CHANGE:		20180426

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:		18776417

	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_0425.htm
<TEXT>
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<P STYLE="margin: 0"></P>

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

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

<!-- 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 April 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">
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    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%; text-align: center; vertical-align: bottom">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 28%; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%">
<!-- 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">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Indicate by check mark whether by furnishing
the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934:</P>

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

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

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


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<P STYLE="font: 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"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><B><U>Item </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Summary of the Resolutions approved by the General Ordinary Shareholders&rsquo;
Meeting held on April 25, 2018.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">2.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Composition of the Board Of Directors, the Supervisory Committee,
members of the Audit Committee and the Independent Auditors as of April 25, 2018.</FONT></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>TELECOM ARGENTINA S.A. </U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>(&ldquo;Telecom Argentina&rdquo; or &ldquo;the
Company&rdquo;)</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>Summary of the Resolutions approved by
the General Ordinary</U></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>Shareholders&rsquo; Meeting held on April
25, 2018</U></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following resolutions were adopted upon
reviewing each of the points included in the Agenda:</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; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I><U>1) Appoint two shareholders to sign
the Minutes of the Meeting.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Clara Caneiro Valcarcel, representative of Fintech
Telecom LLC, and Ms. D&eacute;bora R. Ciofani, representative from VLG Argentina LLC, were appointed.</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"><B><I><U>2)&nbsp;Consider the documentation
of Telecom Argentina required by Law No. 19,550 section 234 subsection 1, the&nbsp;Comisi&oacute;n Nacional de Valores&nbsp;(CNV)
Rules, and the Bolsas and Mercados Argentinos (&ldquo;BYMA&rdquo;) Rules, as well as the financial documentation in English required
by the US Securities &amp; Exchange Commission Rules, for the Company&rsquo;s twenty-ninth Fiscal Year, ended December 31, 2017
(&lsquo;Fiscal Year 2017&rsquo;).</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved without any modification the
totality of Telecom Argentina&rsquo;s documentation for the Fiscal Year ended December 31, 2017 that was submitted to consideration
by the shareholders, as it was approved by the Board of Directors, the Supervisory Committee and the Audit Committee and informed
to the regulatory bodies.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>3) Ratify the advanced distribution
of dividends, for P$5,640,728,444, 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.</U></I></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">It was ratified the anticipated distribution
of dividends for an amount of $5,640,728,444 resolved by the Board of Directors on its meeting N&deg; 367 held on January 31, 2018,
according to 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: 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"><B><I><U>4) &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,
P$1,989,254,041. Delegate power to the Company&rsquo;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 of the &ldquo;Facultative Reserve for future Dividend
Distributions&rdquo; and distribute it to the shareholders as cash dividends, enabling such delegated powers to be exercised until
December 31, 2018.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved to allocate the Retained Earnings
of Telecom Argentina as of December 31, 2017, net of the P$5,640,728,444 distributed as anticipated dividends, that is to say <B>P$1,989,254,041</B>
to the constitution of the &ldquo;Facultative Reserve for future Dividend Distributions&rdquo;.</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">Likewise, it was approved to delegate the powers
into the Board of Directors of the Company so that, depending on the evolution of the business, it may determine the withdrawal,
in one or more times, of an amount <B>up to P$994,627,020</B> of the &ldquo;Facultative Reserve for future Dividend Distributions&rdquo;
and distribute it to the shareholders as cash dividends, enabling such delegated powers to be exercised until December 31, 2018.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>5) Consider the documentation of Cablevisi&oacute;n
S.A. (the company that merged into Telecom Argentina S.A.) (hereinafter, &ldquo;Cablevisi&oacute;n&rdquo;), under the provisions
of section 234, subsection 1 of Law No. 19,550, the CNV Rules and the BYMA Rules, for Fiscal Year 2017. </U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved without any modification the
totality of Cablevisi&oacute;n&rsquo;s documentation for the Fiscal Year 2017 that was submitted to consideration by the shareholders,
as it was approved by the Board of Directors and the Supervisory Committee of Telecom Argentina and informed to the regulatory
bodies.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>6) 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.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was ratified the advanced distribution of
dividends for P$4,502,777,155, resolved by the Board of Directors on its meeting N&deg; 367 held on January 31, 2018, based on
the Individual Special Financial Statements of Cablevision 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: 10pt 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; text-align: justify"><B><I><U>7) Consider the allocation of the Retained
Earnings of Cablevisi&oacute;n as of December 31, 2017, net of the P$4,502,777,155 distributed in advance, that is to say, P$ 1,311,975,449.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved to allocate the Retained Earnings
of Cablevisi&oacute;n as of December 31, 2017, net of the P$5,640,728,444 distributed as anticipated dividends, that is to say
<B>P$1,311,975,449</B>, to the constitution of the &lsquo;Facultative Reserve to maintain the level of investments in capital goods
and the current level of the Company&rsquo;s solvency&rsquo;.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>8) 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, &ldquo;Sofora&rdquo;) as of March 31, 2017, under the provisions of section 224, subsection 2 of
the General Corporations Law No. 19,550.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was ratified the advanced distribution of
dividends for P$212,900,000, resolved by the Board of Directors 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.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>9) 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.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved the performance of the members
of the Board of Directors (regular and alternate directors) of Telecom Argentina who served from April 27, 2017 to the date of
this Shareholders&rsquo; Meeting and whose performance was not subject to approval of the General Ordinary Shareholders&rsquo;
Meeting of Telecom Argentina held on January 31, 2018.</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">Likewise, the performance of all the members
of the Supervisory Committee (regular and alternates members) who served from April 27, 2017 to the date of this Shareholders&rsquo;
Meeting was approved.</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"><B><I><U>10) Consider the performance of Members
of the Board and Members of the Supervisory Committee of: i) Nortel Inversora S.A. (merged company) (&ldquo;Nortel&rdquo;), who
served from April 27, 2017 to November 30, 2017; ii) Sofora, who served from March 28, 2017 to November 30, 2017; and iii) Telecom
Personal S.A. (merged company) (&ldquo;Telecom Personal&rdquo;), who served from April 7, 2017 to November 30, 2017.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved the performance of the members
of the Board of Directors and members of the Supervisory Committee (regular and alternate members) of: (i) Nortel who served from
April 27, 2017 to November 30, 2017; (ii) Sofora who served from March 28, 2017 to November 30, 2017 and (iii) Telecom Personal
who served from April 7, 2017 to November 30, 2017.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>11) 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 &lsquo;accountable
earnings&rsquo;, calculated according to CNV Rules Title II, Chapter III, section 3.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved the payment of a global compensation
to the members of the Board of Directors of Telecom Argentina who served from April&nbsp;27, 2017 to the date of this Shareholders&rsquo;
Meeting for a total amount 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 of Directors the distribution of the aforementioned amount
as it deems appropriate, taking into consideration the advance compensation payments that the members of the Board of Directors
may have received.</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"><B><I><U>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).</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Board of Directors was authorized to make
advance payments of fees to the members of the Board of Directors acting during Fiscal Year 2018 within the parameters established
by the General Corporations Law No. 19,550, and ad-referendum to the resolution that will be adopted by the Shareholders&rsquo;
Meeting that will consider the documentation for such Fiscal Year.</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"><B><I><U>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).</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Total compensation of P$8,850,000 was approved
for the members of the Supervisory Committee acting from the Shareholders&rsquo; Meeting held on April 27, 2017 to the date of
this Shareholders&rsquo; Meeting, taking into consideration the advance payments of fees that the members of the Supervisory Committee
have received. Such amount shall be distributed equally between the regular members who, if applicable, shall proportionally distribute
it in favor of their respective alternates who effectively served and in such manner as determined by the regular members.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">Moreover, the Board of Directors was authorized
to make advance payments of fees to the members of the Supervisory Committee acting during Fiscal Year 2018, ad-referendum to the
resolution that will be adopted by the Shareholders&rsquo; Meeting that will consider the documentation for such Fiscal Year.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>14) Consider fees for: i) the Board
of Directors of Nortel for tasks performed from April 27, 2017 to November 30, 2017; ii) the Board of Directors of Telecom Personal
for tasks performed from April 7, 2017 to November 30, 2017; iii) the Board of Directors of Sofora for tasks performed from March
28, 2017 to November 30, 2017.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved the payment of a compensation
for the members of the Board of Directors of: (i) Nortel, for tasks performed from April 27, 2017 to November 30, 2017, for an
amount of P$5,600,000; (ii) Telecom Personal, for tasks performed from April 7, 2017 to November 30, 2017, for an amount of P$4,950,000
and (iii) Sofora, for tasks performed from March 28, 2017 to November 30, 2017, for an amount of P$5,000,000; taking into consideration
the advance payments of fees that the members may have received in all three cases.</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">Moreover, it was approved the delegation of
powers to the Company&rsquo;s Board of Directors to distribute these amounts in the manner it deems convenient among the members
of the Boards of Directors of Nortel, Telecom Personal and Sofora, respectively.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>15) Consider fees for: i) the Supervisory
Committee of Nortel for tasks performed from April 27, 2017 to November 30, 2017; ii) the Supervisory Committee of Telecom Personal
for tasks performed from April 7, 2017 to November 30, 2017; iii) the Supervisory Committee of Sofora for tasks performed from
March 28, 2017 to November 30, 2017.</U></I></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">It was approved the payment of a compensation
for the Members of Supervisory Committee of: (i) Nortel, for tasks performed from April 27, 2017 to November 30, 2017, for an amount
of P$1,250,000; (ii) Telecom Personal, for tasks performed from April 7, 2017 to November 30, 2017, for an amount of P$2,750,000
and (iii) Sofora for tasks performed from March 28, 2017 to November 30, 2017, for an amount of P$1,450,000; taking into consideration
the advance payments of fees that the members may have received in all three cases.</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">It was approved that the aforementioned amounts
shall be distributed equally between the regular members of the Supervisory Committee of Nortel, Telecom Personal and Sofora proportionally
to their respective tenures who, if applicable, shall proportionally distribute it in favor of their respective alternates who
effectively served and in such manner as determined by the regular members.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>16) Elect five (5) Regular Members
of the Supervisory Committee of Telecom Argentina to serve during Fiscal Year 2018.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following were designated as regular members
of the Supervisory Committee: Mr. Pablo Andr&eacute;s Buey Fern&aacute;ndez, Mr. Pablo Gabriel San Mart&iacute;n, Mr. Alejandro
H&eacute;ctor Massa, Mrs. Mar&iacute;a Ximena Dig&oacute;n and Mr. Eduardo Javier Villegas Contte.</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">Mrs. Mar&iacute;a Ximena Dig&oacute;n and Mr.
Pablo Andr&eacute;s Buey Fern&aacute;ndez are lawyers and Mr. Pablo Gabriel San Mart&iacute;n, Mr. Eduardo Javier Villegas Contte
and Mr. Alejandro H&eacute;ctor Massa are public accountants and all of them qualify as &lsquo;Independent&rsquo; according to
the standards established by the Rules of the CNV.</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">None of the designated regular members, the
law firms that they are members of or other members of such law firms have been Independent Auditors of the Company nor will be
nominated for such purpose.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>17) Determine the number of Alternate
Members of the Supervisory Committee of Telecom Argentina to serve during Fiscal Year 2018 and elect them.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was resolved to designate five (5) alternate
members of the Supervisory Committee. Mr Javier Alegr&iacute;a, Mr. Rub&eacute;n Su&aacute;rez, Mr. Mat&iacute;as Alejandro Fredriks,
Mr. Alfredo Mario Segers and Mrs. Delfina Lynch were elected as alternate members.</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">Mr. Javier Alegr&iacute;a shall serve as alternate
to Mr. Pablo Andr&eacute;s Buey Fern&aacute;ndez; Mr. Rub&eacute;n Su&aacute;rez as alternate to Mr. Pablo Gabriel San Mart&iacute;n;
Mr. Mat&iacute;as Alejandro Fredriks as alternate to Mr. Alejandro H&eacute;ctor Massa, and Mr. Alfredo Mario Segers and Mrs. Delfina
Lynch as alternates indistinctly to Mrs. Mar&iacute;a Ximena Dig&oacute;n and Mr. Eduardo Javier Villegas Contte.</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">Mr. Alegr&iacute;a, Mr. Fredriks, Mr. Segers,
and Mrs. Lynch are lawyers, and Mr. Su&aacute;rez is a public accountant, and all of them qualify as &lsquo;Independent&rsquo;
according to the standard established by the Rules of the CNV.</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">None of the designated alternate members, the
law firms that they are members of or other members of such law firms have been Independent Auditors of the Company nor will be
nominated for such purpose.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I><U>18) Determine the compensation of Independent
Auditors of Telecom Argentina who served during Fiscal Year 2017. </U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved a total compensation for the
Independent Auditors of the financial statements of Telecom Argentina for Fiscal Year 2017 for an amount of P$15,840,000 (which
does not include VAT), of which P$7,920,000 correspond to audit tasks in relation with the financial statements, and P$7,920,000
correspond to audit tasks in relation with the certification under Sarbanes-Oxley Section 404. Advance payments of fees that have
effectively been performed will be taken on account of this compensation.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>19) Determine the compensation of Independent
Auditors of Nortel and Telecom Personal who served from January 1, 2017 to November 30, 2017.</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">It was approved a total compensation for audit
services provided by the Independent Auditors of the financial statements of Nortel from January 1, 2017 to November 30, 2017 for
an amount of P$140,000 (which does not include VAT). Moreover, it was approved a total compensation for audit services provided
by the Independent Auditors of the financial statements of Telecom Personal during the same period for and amount of P$6,120,000
(which does not include VAT). Advance payments of fees that may have been perceived will be taken on account of this compensation.</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 0 0 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B><I><U>20) Appoint the Independent Auditors
of the financial statements of Telecom Argentina for Fiscal Year 2018 and determine their compensation. </U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The firm Price Waterhouse &amp; Co. S.R.L. was
designated as the Independent Auditor of the financial statements of Telecom Argentina for Fiscal Year 2018, Mr. Carlos Alberto
Pace acting as regular certifying accountant and Mr. Marcelo Daniel Pfaff as his alternate.</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">It was resolved that the compensation of the
appointed Independent Auditors shall be determined by the Shareholders&rsquo; Meeting that will consider the financial documentation
for Fiscal Year 2018, empowering the Audit Committee to establish the conditions and modalities of service delivery. The advance
payments of fees to the Independent Auditors was authorized for the amount that the Audit Committee deems reasonable.</P>

<P STYLE="font: 10pt 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; text-align: justify"><B><I><U>21) Consider the budget for the Audit
Committee of Telecom Argentina for Fiscal Year 2018 (P$4,000,000).</U></I></B></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The budget for the
operation of the Audit Committee of Telecom Argentina during Fiscal Year 2018 was set for an amount of P$4,000,000.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><U>/s/ Alejandro A. Urricelqui</U></P>

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


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

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

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

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

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>AS OF APRIL 25, 2018</U></B></P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 0pt">II)</TD><TD STYLE="text-align: justify">Pursuant to what was resolved by the General Ordinary Shareholders&rsquo; Meeting held on April
25, 2018, the composition of the Supervisory Committee is as follows:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.2pt 0 0; text-align: justify"><B><U>SUPERVISORY COMMITTEE</U></B>:
<B><U>Regular Members</U>:</B> Mr. Pablo Andr&eacute;s Buey Fern&aacute;ndez, Mr. Pablo Gabriel San Mart&iacute;n, Mr. Alejandro
H&eacute;ctor Massa, Mrs. Mar&iacute;a Ximena Dig&oacute;n and Mr. Eduardo Javier Villegas Contte. <B><U>Alternate Members</U>:</B>
Mr. Javier Alegr&iacute;a, Mr. Rub&eacute;n Su&aacute;rez, Mr. Mat&iacute;as Alejandro Fredriks, Mr. Alfredo Mario Segers and Mrs.
Delfina Lynch.</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The members of the
Supervisory Committee will hold office to the date of the Shareholders&rsquo; Meeting which will consider the documentation for
the Fiscal Year 2018.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">III)</TD><TD STYLE="text-align: justify">Pursuant to what was resolved by the Board of Directors on its meeting held on April 25, 2018,
the composition of the Audit Committee is as follows:</TD></TR></TABLE>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 35.45pt">IV)</TD><TD STYLE="text-align: justify">Pursuant to what was resolved by the General Ordinary Shareholders&rsquo; Meeting held on April
25, 2018, Price Waterhouse &amp; Co S.R.L. was designated as <B>Independent Auditor of the Financial Statements for Fiscal Year
2018</B>, Mr. Carlos Alberto Pace acting as regular certifying accountant and Mr. Marcelo Daniel Pfaff as his alternate.</TD></TR></TABLE>

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

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

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

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<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>

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<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">April 25, 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>
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