<SEC-DOCUMENT>0001104659-18-000218.txt : 20180102
<SEC-HEADER>0001104659-18-000218.hdr.sgml : 20180102
<ACCEPTANCE-DATETIME>20180102160220
ACCESSION NUMBER:		0001104659-18-000218
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20180102
DATE AS OF CHANGE:		20180102
GROUP MEMBERS:		GC DOMINIO S.A.
GROUP MEMBERS:		VLG ARGENTINA, LLC

SUBJECT COMPANY:	

	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:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-49901
		FILM NUMBER:		18501780

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CABLEVISION HOLDING S.A.
		CENTRAL INDEX KEY:			0001690240
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D

	BUSINESS ADDRESS:	
		STREET 1:		TACUARI 1846 - 4TH FLOOR
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1139
		BUSINESS PHONE:		54 11 4309 3417

	MAIL ADDRESS:	
		STREET 1:		TACUARI 1846 - 4TH FLOOR
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			1139
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>a17-28256_1sc13d.htm
<DESCRIPTION>SC 13D
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES AND   EXCHANGE COMMISSION</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, DC 20549</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="54%" height="19" valign="top" style="height:.2in;padding:0in .7pt .7pt .7pt;width:54.02%;">
<p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SCHEDULE 13D</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Under the Securities Exchange Act of 1934 <br> (Amendment No.&#160;&#160;&#160;&#160; )*</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Issuer)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CLASS B ORDINARY SHARES</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMERICAN DEPOSITARY SHARES, REPRESENTING CLASS B ORDINARY SHARES</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Title of Class of Securities)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">879273209</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(CUSIP Number)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Alejandro A. Urricelqui</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cablevisi&#243;n Holding S.A.</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tacuar&#237; 1842, 4th. Floor</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(1139) Buenos Aires, Argentina</font></b></p>
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Telephone: +54 11 4309 3417</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, Address and Telephone Number of Person<br> Authorized to Receive Notices and Communications)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Andr&#233;s de la Cruz, Esq.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cleary Gottlieb Steen &amp; Hamilton LLP</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">One Liberty Plaza</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">New York, New York 10006</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(212) 225-2208</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
<p align="center" style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">December 21, 2017</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date of Event Which Requires Filing of this Statement)<br><br></font></p>
<p style="margin:0in .5in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
<p style="margin:5.0pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Note</font></b><font size="2" style="font-size:10.0pt;">: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240. 13d-7 for other parties to whom copies are to be sent. </font></p>
<p style="margin:5.0pt .5in;"><font size="1" face="Times New Roman" style="font-size:6.5pt;position:relative;top:-3.0pt;">*</font><font size="2" style="font-size:10.0pt;">&#160;The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. </font></p>
<p style="margin:0in .5in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information required on the remainder of this cover page shall not be deemed to be &#147;filed&#148; for the purpose of Section 18 of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) or otherwise subject to the liabilities of that section of the Exchange Act but shall be subject to all other provisions of the Exchange Act (however, see the Notes).</font></p>
<p style="margin:0in .5in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons<br>   GC Dominio S.A.</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
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<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">AF/BK</font></p>    </td>   </tr>
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<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of Organization<br>    </font><font size="2" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of American Depositary<br>   Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With:</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">841,666,658</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br>   0</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   841,666,658</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   0</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   841,666,658</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">*<br>   57.27%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC/CO</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Calculated over 627,930,005 Class B Shares (as defined below) of the Issuer and 841,666,658 Class D Shares (as defined below) held by the Reporting Person. The 841,666,658 Class D Shares beneficially owned by the Reporting Person represent 39.08% of the total post-Merger (as defined below) capital stock of the Issuer. The Reporting Person does not hold Class B Shares.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">2</font><font size="2"><a name="PB_2_203753_4439"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div align="center">
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
<tr>
<td width="100%" colspan="6" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons<br>   Cablevisi&#243;n Holding S.A.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="91%" colspan="4" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">AF/BK</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of American Depositary<br>   Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With:</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">841,666,658</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br>   0</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   841,666,658</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   0</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   841,666,658</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">*<br>   57.27%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC/CO</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="32" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="586" style="border:none;"></td>   </tr> </table>
</div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Calculated over 627,930,005 Class B Shares outstanding of the Issuer and 841,666,658 Class D Shares beneficially owned by the Reporting Person. The 841,666,658 Class D Shares beneficially owned by the Reporting Person represent 39.08% of the total post-Merger capital stock of the Issuer. The Reporting Person does not hold Class B Shares.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">3</font><font size="2"><a name="PB_3_203950_7056"></a></font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;width:98.9%;">
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<td width="100%" colspan="6" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSIP   No.&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;879273209</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Names of Reporting Persons<br>   VLG Argentina, LLC</font></p>    </td>   </tr>
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<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="91%" colspan="4" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the   Appropriate Box if a Member of a Group (See Instructions)</font></p>    </td>   </tr>
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<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" colspan="3" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:8.36%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>    </td>
<td width="82%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:82.74%;">
<p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SEC Use   Only </font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Source of   Funds (See Instructions)<br>    </font><font size="2" style="font-size:10.0pt;">AF/BK</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if Disclosure of Legal   Proceedings Is Required Pursuant to Items 2(d) or 2(e)&nbsp; </font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;</font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citizenship or Place of   Organization<br>    </font><font size="2" style="font-size:10.0pt;">Delaware</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="12%" colspan="3" rowspan="7" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:12.04%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of American Depositary<br>   Shares<br>   Beneficially<br>   Owned by<br>   Each<br>   Reporting<br>   Person With:</font></p>    </td>
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Voting Power <br>    </font><font size="2" style="font-size:10.0pt;">434,909,475</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared   Voting Power</font><font size="2" style="font-size:10.0pt;">  <br>   0</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole   Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   434,909,475</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="87%" colspan="3" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:87.96%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr style="page-break-inside:avoid;">
<td width="4%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:4.46%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font></p>    </td>
<td width="83%" colspan="2" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:83.5%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shared Dispositive Power</font><font size="2" style="font-size:10.0pt;">  <br>   0</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate   Amount Beneficially Owned by Each Reporting Person</font><font size="2" style="font-size:10.0pt;">  <br>   434,909,475</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if   the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)</font><font size="2" style="font-size:10.0pt;">&nbsp;&nbsp; </font><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Percent   of Class Represented by Amount in Row (11)</font><font size="2" style="font-size:10.0pt;">*<br>   40.92%</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="6" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:100.0%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="3%" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:3.32%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:3.0pt 3.0pt 3.0pt 3.0pt;width:5.58%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.</font></p>    </td>
<td width="91%" colspan="4" style="border:none;border-bottom:solid windowtext 1.0pt;padding:3.0pt 3.0pt 3.0pt 3.0pt;width:91.1%;">
<p style="margin:4.0pt 0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Type of   Reporting Person (See Instructions)</font><font size="2" style="font-size:10.0pt;"><br>   HC/OO</font></p>    </td>   </tr>
<tr height="0">
<td width="23" style="border:none;"></td>
<td width="39" style="border:none;"></td>
<td width="22" style="border:none;"></td>
<td width="31" style="border:none;"></td>
<td width="5" style="border:none;"></td>
<td width="579" style="border:none;"></td>   </tr> </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*Calculated over 627,930,005 Class B Shares outstanding of the Issuer and 434,909,475 Class D Shares beneficially owned by the Reporting Person. The 434,909,475 Class D Shares beneficially owned by the Reporting Person represent 20.19% of the total post-Merger capital stock of the Issuer. The Reporting Person does not hold Class B Shares.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">4</font><font size="2"><a name="PB_4_204144_5335"></a></font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 1.&nbsp;&nbsp;Security and Issuer</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This statement on Schedule&nbsp;13D (this &#147;<b>Statement</b>&#148;) relates to the Class&nbsp;B shares, Ps. 1.00 par value per share (the &#147;<b>Class&nbsp;B Shares</b>&#148;) of Telecom Argentina S.A. (the &#147;<b>Issuer</b>&#148;), a portion of which is represented by American Depositary Shares (&#147;<b>ADSs</b>&#148;) which are traded on the New York Stock Exchange (the &#147;<b>NYSE</b>&#148;). The principal executive offices of the Issuer are located at Alicia Moreau de Justo 50, 10th floor, 1107 Buenos Aires, Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth in response to each separate Item below shall be deemed to be a response to all Items where such information is relevant.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 2.&nbsp;&nbsp;Identity and Background</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GC Dominio S.A. (&#147;<b>GC Dominio</b>&#148;), a <i>sociedad an&#243;nima</i> (corporation) organized under the laws of the Republic of Argentina, Cablevisi&#243;n Holding S.A. (&#147;<b>CVH</b>&#148;), a <i>sociedad an&#243;nima</i> (corporation) organized under the laws of the Republic of Argentina, and VLG Argentina, LLC (&#147;<b>VLG,</b>&#148; and together with CVH and GC Dominio, the <b>&#147;Reporting Persons&#148;</b>), a limited liability company organized under the laws of the State of Delaware, are filing this Statement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; GC Dominio&#146;s principal address is </font>Piedras 1743, City of Buenos Aires, C1140ABK, Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH&#146;s principal business address is Tacuar&#237; 1842 (1139), City of Buenos Aires, Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VLG&#146;s principal business address is 1209 Orange Street, Corporation Trust Center, Wilmington, Delaware, United States of America.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; GC Dominio </font>is a holding company and its principal asset are its voting rights over 64.25% of CVH&#146;s share capital. GC Dominio&#146;s shares are owned by ELHN - Grupo Clar&#237;n New York Trust (35.555%); &nbsp;HHM - Grupo Clar&#237;n New York Trust (35.355%); (iii)&nbsp;LRP - Grupo Clar&#237;n New York Trust (14.555%) and Mr.&nbsp;Jos&#233; Antonio Aranda (14.555%).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH is </font>a holding company and, as a result of the Merger (as defined below), its principal asset is its direct and indirect (through VLG) ownership of 39.08% of the total post-Merger capital stock of the Issuer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VLG </font>is a holding company and, as a result of the Merger, its principal asset is its direct ownership of 20.19% of the total post-Merger capital stock of the Issuer. VLG is a wholly-owned subsidiary of CVH and CVH is the sole managing member of VLG.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name, citizenship, present principal occupation or employment and business address of each director of CVH and </font>GC Dominio are set forth in Schedule A hereto. GC Dominio, CVH and VLG have not appointed executive officers.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the last five years, neither the Reporting Persons nor, to the best of the Reporting Persons&#146; knowledge, any person listed in Schedule A, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; During the last years, neither the Reporting Persons nor, to the best of the Reporting Persons&#146; knowledge, any person listed in Schedule A, has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject, to federal or state securities laws or finding any violation with respect to such laws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 3.&nbsp;&nbsp;Source and Amount of Funds or Other Consideration</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth in or incorporated by reference in Item 4 of this Statement is incorporated by reference in its entirety into this Item 3.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 4.&nbsp;&nbsp;Purpose of Transaction</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On June&nbsp;30, 2017, the Issuer and Cablevisi&#243;n S.A.(&#147;<b>Cablevisi&#243;n</b>&#148;), a sociedad an&#243;nima (corporation) organized under the laws of the Republic of Argentina, entered into a Preliminary Merger Agreement <i>(Compromiso Previo de Fusi&#243;n)</i> (the &#147;<b>Cablevisi&#243;n Preliminary Merger Agreement</b>&#148;), which set forth the preliminary terms and conditions, as approved by the board of directors of each company, of a proposed merger between the Issuer and Cablevisi&#243;n (the &#147;<b>Merger</b>&#148;). Prior to the Merger, CVH, directly and indirectly through VLG, held 60% of Cablevisi&#243;n, which provided a wide range of cable television, data transmission, internet and mobile services.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consummation of the Merger was made subject to the receipt of necessary regulatory approvals, including the receipt of the authorization from ENACOM (<i>Ente Nacional de Comunicaciones</i>) (the &#147;<b>Regulatory Approval</b>&#148;).&#160; A copy and free translation of the Preliminary Merger Agreement are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_203237_6254"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the completion of the Merger:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n dissolved without liquidation and transferred all of its rights, obligations, assets and liabilities to the Issuer;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n merged into the Issuer and the Issuer became the surviving entity;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Shareholders of Cablevisi&#243;n became shareholders of the Issuer;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer amended its bylaws, which amendment became effective as of the effective date of the Merger;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer created a new class of shares of the Issuer&#146;s capital stock (the &#147;<b>Class&nbsp;D Shares</b>&#148;) that have the same voting and economic rights as Class&nbsp;A stock of the Issuer (the &#147;<b>Class&nbsp;A Shares</b>&#148;), and pursuant to the amended bylaws of the Issuer, directors nominated by Class&nbsp;A and Class&nbsp;D capital shareholders and the Class&nbsp;A and Class&nbsp;D capital shareholders (if the matters are presented for the consideration of such shareholders), have supermajority rights with respect to certain matters, including:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain increases in key employees compensation;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the merger or consolidation of the Issuer, with limited exceptions;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain acquisitions or dispositions of the Issuer or its subsidiaries;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuance, redemption or repurchase by the Issuer of any of its capital stock;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence of indebtedness above certain thresholds;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the making of capital expenditures not contemplated in a business plan or annual budget in excess of U.S.$45 million in the aggregate in a given fiscal year, excluding certain capital expenditures made for improvement or maintenance purposes;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the entering into of certain material contracts;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transaction with an affiliate of a shareholder party to the TEO Shareholders Agreement (as defined below);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the deregistration of any securities of the Issuer; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>certain modifications to the Issuer&#146;s dividend policy;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Class&nbsp;A and Class&nbsp;D capital stock will not be registered with the U.S. Securities and Exchange Commission and will not be listed on any U.S. stock exchange;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer increased its share capital and issued additional Class&nbsp;A Shares and new Class&nbsp;D Shares of the Issuer&#146;s capital stock, each of which are convertible to Class&nbsp;B Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The additional Class&nbsp;A Shares and new Class&nbsp;D Shares of the Issuer were distributed as follows:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FM (as defined below) received 169,900,858 Class&nbsp;A Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH received 406,757,183 new Class&nbsp;D Shares; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VLG (pre split-off of VLG, as described below) was entitled to receive 607,870,365 new shares, comprised of Class&nbsp;A Shares and Class&nbsp;D Shares equivalent to the ownership FM and CVH had in VLG upon the effectiveness of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FM and CVH undertook a split-off transaction (<i>escisi&#243;n</i>) and executed a split-off agreement (the &#147;<b>Split-off Agreement</b>&#148;) in respect of VLG, as a result of which VLG was split into two companies holding in the aggregate the capital stock of Cablevisi&#243;n and/or VLG&#146;s right to receive shares of the Issuer in exchange for such Cablevisi&#243;n shares upon the effectiveness of the&#160; Merger. The split-off reflected FM and CVH&#146;s respective interests in VLG immediately prior to the Merger (CVH held 71.55% of VLG and FM held 28.45% of VLG). CVH remained as the sole member of VLG and FM&#146;s right to receive underlying shares in the Issuer were vested with a new entity (&#147;<b>VLG Split-off</b>&#148;). CVH retained 100% of VLG and has no interest in VLG Split-off (or its successor). In addition, FM, FTL (as</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">defined below) and CVH will contribute a portion of their interests in the capital stock of the Issuer to a voting trust that will be subject to the shareholders agreement described below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer&#146;s new shares were allocated based on a fixed exchange ratio of 1 share of Cablevisi&#243;n for every 9,871.07005 Class&nbsp;A Shares or Class&nbsp;D Shares of the Issuer&#146;s capital stock to be issued as a result of the Merger, among: (i)&nbsp;Fintech Media, LLC (&#147;<b>FM</b>&#148;), a subsidiary of Fintech Advisory Inc (&#147;<b>FAI</b>&#148;), and a former shareholder of Cablevisi&#243;n and the member of VLG Split-off (or its successor); (ii)&nbsp;CVH, a former shareholder of Cablevisi&#243;n and the member of VLG; (iii)&nbsp;VLG Split-off (or its successor) and (iv)&nbsp;VLG.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger, CVH received 406,757,183 Class&nbsp;D Shares of the Issuer representing approximately 18.89% of the post-Merger capital stock of the Issuer, and VLG received 434,909,475 Class&nbsp;D Shares of the Issuer representing approximately 20.19% of the post-Merger capital stock of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effectiveness of the Merger was subject to the satisfaction of the following conditions, which were satisfied on January&nbsp;1, 2018:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom having prepared its technical and operational systems with the capacity to absorb the operations of Cablevisi&#243;n;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the execution of the Final Merger Agreement, as required under Argentine law; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the receipt of the Regulatory Approval.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The summary of the Preliminary Merger Agreement contained in this Statement is qualified in its entirety by reference to the full version of such agreement attached as an exhibit hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On July&nbsp;7, 2017, Fintech Telecom, LLC (&#147;<b>FTL</b>&#148;), FAI, FM, VLG and CVH entered into a shareholders agreement (&#147;<b>TEO Shareholders Agreement</b>&#148;), which regulates certain matters as to the corporate governance of the Issuer which became effective upon completion of the Merger, while other provisions became effective simultaneously upon the execution of the TEO Shareholders Agreement. A copy of the TEO Shareholders Agreement is attached hereto as Exhibit&nbsp;99.3 and incorporated herein by reference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The TEO Shareholders Agreement provides, among other matters, the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any capital stock of the Issuer as the surviving company (such capital stock, &#147;<b>Post-Merger Shares</b>&#148;), upon effectiveness of the Merger and the corporate reorganization of the Issuer pursuant to which Sofora Telecomunicaciones S.A, Nortel Inversora S.A. and Telecom Personal S.A. were merged into Issuer (the &#147;<b>Corporate Reorganization</b>&#148;), owned by VLG would be split-off pro rata between FM and CVH based on their holdings of VLG membership interests as of the date of the split-off. As described above, FM and CVH undertook the split-off transaction (<i>escisi&#243;n</i>) as a result of which CVH, through VLG, owns 434,909,475 Class&nbsp;D Shares of the Issuer and VLG Split-off (or its successor), owns 172,960,890 Class&nbsp;A Shares of the Issuer,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any shareholders party to the TEO Shareholders Agreement (any such shareholder, a &#147;<b>SHA Party</b>&#148;) are subject as of the date of the agreement to restrictions on the transfer of all their shares of the Issuer both prior to and upon effectiveness of the Merger and the Corporate Reorganization, as applicable, including (i)&nbsp;the right of first refusal to purchase such shares from a selling SHA Party, (ii)&nbsp;certain tag-along rights of each other SHA Party and (iii)&nbsp;so long as a SHA Party holds at least a certain minimum amount of Post-Merger Shares, such SHA Party will be entitled to certain drag-along rights pursuant to which it will be able to require the other SHA Parties to sell, together with the dragging SHA Party, a number of shares that represents in the aggregate at least fifty-one percent (51%) of the Post-Merger Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FTL and CVH have undertaken to execute a voting trust agreement (the &#147;<b>Voting Trust Agreement</b>&#148;) pursuant to which each (i)&nbsp;will deposit certain Post-Merger Shares (in the case of CVH&#146;s shares, the &#147;<b>Class&nbsp;D Trust Shares</b>&#148; and in the case of FTL&#146;s shares, the &#147;<b>Class&nbsp;A Trust Shares</b>&#148;) in a voting trust (the &#147;<b>CVH Voting Trust</b>&#148;), which, when added to the Post-Merger Shares held by CVH, will exceed fifty percent (50%) of the outstanding Post-Merger Shares, and (ii)&nbsp;will appoint a co-trustee who will be designated to vote the shares in accordance with the terms of the Voting Trust Agreement. The Voting Trust will cause its Post-Merger Shares to be voted pursuant to the instructions of the CVH co-trustee, except with respect to certain veto matters, in which case the FTL co-trustee will determine how the Post-Merger Shares subject to the Voting Trust will be voted;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Board of Directors of the Issuer will consist of 11 members.&#160; Each of FTL, CVH and the Voting Trust will vote or cause to be voted, their Post-Merger Shares, whether held directly or indirectly, in favor of the election of</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">7<a name="PB_7_203328_5335"></a></p>
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<p style="margin:0in 0in .0001pt 84.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">directors designated by FTL and CVH, a majority of which will be designated by CVH, subject to CVH and FTL satisfying certain ownership thresholds of the Post-Merger Shares;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to CVH and FTL satisfying certain ownership thresholds of the Post-Merger Shares, CVH will be entitled to designate the Chief Executive Officer and other key employees of the Issuer and FTL will be entitled to designate the Chief Financial Officer and the Internal Auditor;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>An executive committee of the Issuer will be established consisting of five members, of which three will be designated by CVH and two will be designated by FTL, in each case subject to the SHA Party maintaining certain ownership thresholds of Post-Merger Shares. In addition, CVH will be entitled to designate two members of the Issuer&#146;s statutory audit committee and three members of the Issuer&#146;s statutory supervisory committee (<i>comisi&#243;n fiscalizadora</i>) and FTL will be entitled to designate one member of the of statutory audit committee and two members of the statutory supervisory committee;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prior to each shareholder meeting or any other meeting of the Issuer upon which certain veto matters will be decided, CVH and FTL agree to hold meetings at which their representatives will determine how CVH and FTL, and the Voting Trust, if in effect, will vote their Post-Merger Shares at such meeting in accordance with the provisions of the TEO Shareholders Agreement;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Issuer is required to maintain a listing of the Class&nbsp;B Shares and the ADSs representing the Class&nbsp;B Shares on the Securities Market of Buenos Aires (<i>Bolsas y Mercados Argentinos</i>) and the New York Stock Exchange, respectively;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each SHA Party and its respective affiliates is prohibited from acquiring any capital stock of the Issuer (prior to the Merger), any Post-Merger Shares (upon effectiveness of the Merger and Corporate Reorganization) or any capital stock of Nortel in each case from a third party without (i)&nbsp;proper notice to the other SHA Parties and (ii)&nbsp;the right for such other SHA Parties to purchase fifty percent (50%) of the shares to be purchased from the third-party; provided that CVH may acquire an additional two percent (2%) of any Post-Merger Shares without complying with the foregoing obligations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that a public acquisition offer (<i>oferta p&#250;blica de adquisici&#243;n</i>) is required in connection with the Merger, CVH will launch such public acquisition offer to acquire Class&nbsp;B Shares of the Issuer, and FTL will be jointly and severally liable for payment for, and will receive following the closing of such public acquisition offer, fifty percent (50%) of any Class&nbsp;B Shares of the Issuer tendered in such public acquisition offer;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to satisfying certain ownership thresholds of the Post-Merger Shares, each of FTL and CVH, and certain other shareholders of the Issuer that subsequently become a SHA Party, will have certain veto rights over corporate governance matters of the Issuer, including those supermajority rights under the summary of the Merger Agreement;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The SHA Parties agree to cause the Issuer to declare and pay dividends if its consolidated operating cash flows exceed a certain threshold, after taking into consideration certain adjustments. FTL will be entitled to cause the Issuer to make dividend payments in excess of the Issuer&#146;s dividend policy for so long as any Bono de Goce Class&nbsp;A (to be assumed by the Issuer in connection with the Corporate Reorganization) remains outstanding; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 84.0pt;text-indent:-48.0pt;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each SHA Party will have certain registration rights with respect to Class&nbsp;B Shares of the issuer subject to the SHA Party satisfying certain ownership thresholds of the Post-Merger Shares.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Once the CVH Voting Trust is formed, CVH may be deemed to have shared voting power with FTL with respect to the Class&nbsp;A Trust Shares beneficially owned by FTL.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, FTL, FM and FAI entered into an Option Agreement, dated July&nbsp;7, 2017 (&#147;<b>Option Agreement</b>&#148;) with CVH, which provided CVH the option to purchase equity interests in a vehicle from FAI or FM, as the case may be, that contained or would contain the equivalent of 13.51% of the total outstanding capital of the Issuer (after giving effect to the Corporate Reorganization but prior to the Merger) or membership interests in VLG or </font>any successors of VLG formed by split-off. The option was exercisable between the date on which the option price was paid and the earlier of (i)&nbsp;60 days after the receipt of the Regulatory Approval, (ii)&nbsp;five business days prior to the effective date of the Merger and (iii)&nbsp;July&nbsp;7, 2018. The exercise price of the option was US$634,275,282 plus interest at a rate of 6% per annum. On October&nbsp;6, 2017, CVH made an advance payment of the call option price for an aggregate amount of US$634,275,282. Pursuant to the Option Agreement, in exchange for such advance payment, FM granted a first ranking pledge over a certain percentage of its ownership of VLG prior to the split-off. On December&nbsp;27, 2017, CVH exercised the call option and, upon the closing of the Option Agreement, became the owner of an additional 21.55% membership interests of VLG (prior to the</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_203352_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">split-off of VLG), which raised CVH&#146;s membership interests in VLG (prior to the split-off of VLG) to 71.55%. A copy of the Option Agreement and the Exercise Notice are attached hereto as Exhibit&nbsp;99.4 and Exhibit&nbsp;99.5, respectively, and incorporated herein by reference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On September&nbsp;24, 2017, CVH, as borrower, executed a credit agreement (the &#147;<b>Credit Agreement</b>&#148;) with Citibank, N.A. (&#147;<b>Citi</b>&#148;), Goldman Sachs Bank USA (&#147;<b>Goldman Sachs</b>&#148;),&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch (&#147;<b>ICBC</b>&#148;),&nbsp;Ita&#250; Unibanco S.A., Nassau Branch (&#147;<b>Ita&#250;</b>&#148;, and together with Citi, Goldman Sachs,&nbsp;ICBC and any other lenders party thereto from time to time, collectively, the &#147;<b>Lenders</b>&#148;), Citigroup Global Markets Inc., Goldman Sachs Bank USA,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch, and Ita&#250; Unibanco S.A., Nassau Branch (each in its capacity as a joint lead arranger and joint bookrunner, collectively, the &#147;<b>Arrangers</b>&#148;), Citibank, N.A., as Administrative Agent (together with its permitted successors in such capacity, &#147;<b>Administrative Agent</b>&#148;), Citibank, N.A., as offshore collateral agent, and the branch of Citibank, N.A. established in the Republic of Argentina, as Onshore Collateral Agent, for aggregate principal amount not to exceed $750,000,000, the proceeds of which would be used, among others, to fund any advance payments under the Option Agreement or paying the price payable to exercise the call option set forth in the Option Agreement. The disbursement of the funds pursuant to the Credit Agreement took place on September&nbsp;28, 2017 and CVH utilized such funds to make the advance payment of the Option Agreement as described in the paragraph above. As security for its obligations under the Credit Agreement, CVH granted a first priority pledge under Argentine law over 30,123 ordinary shares of</font> Cablevisi&#243;n representing 25.10% of the capital stock and votes of Cablevisi&#243;n, which on January&nbsp;1, 2018 were exchanged for 297,346,243 Class&nbsp;D Shares of the Issuer. A copy of the Credit Agreement is attached hereto as Exhibit&nbsp;99.6 and incorporated herein by reference.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Regulatory Approval was obtained on December&nbsp;21, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The summaries of the TEO Shareholders Agreement, the Option Agreement, the Exercise Notice and the Credit Agreement contained in this Statement are qualified in their entirety by reference to their full versions attached as exhibits hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Reporting Persons may acquire additional Class&nbsp;B Shares, ADSs or shares convertible into Class&nbsp;B Shares and/or sell or hold Class&nbsp;B Shares, ADSs or shares convertible into Class&nbsp;B Shares. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons review of numerous factors, including, among other things, the price levels of the Class&nbsp;B Shares, ADSs or shares convertible into Class&nbsp;B Shares; general market and economic conditions; ongoing evaluation of the Issuer&#146;s business, financial condition, operations and prospects; the relative attractiveness of alternative business and investment opportunities; and other future developments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth in this Statement, neither the Reporting Persons nor, </font>to the best of the Reporting Persons&#146; knowledge, any person listed in Schedule A, have any present plans or proposals which would result in or relate to any of the transactions described in subparagraphs (a)&nbsp;through (j)&nbsp;of Item 4 of Schedule 13D.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 5.&nbsp;&nbsp;Interest in Securities of the Issuer</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)- (b)&#160;&#160;&#160; As of the date of this Statement, the Reporting Persons may be deemed to have the following beneficial ownership interests in shares of the Issuer convertible into the Class&nbsp;B Shares:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<tr>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Directly&nbsp;Owned</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" colspan="3" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:24.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Indirectly&nbsp;Owned</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Aggregate&nbsp;amount&nbsp;beneficially&nbsp;Owned</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.88%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Holder</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Class(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of<br>   Class(1)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">%&nbsp;of&nbsp;Class(1)</font></b></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.24%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="15%" colspan="2" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GC Dominio(2)</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52.27</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52.27</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)%</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.88%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH (3)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">406,757,183</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27.68</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">434,909,475</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29.59</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">841,666,658</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52.27</font></p>    </td>
<td width="4%" valign="bottom" style="padding:0in 0in 0in 0in;width:4.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)%</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.88%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VLG(4)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">434,909,475</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40.92</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0.00</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">434,909,475</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.14%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.02%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40.92</font></p>    </td>
<td width="4%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:4.24%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_203756_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All p</font>ercentages based on (i)&nbsp;the 627,930,005 outstanding Class&nbsp;B Shares of the Issuer plus (ii)&nbsp;the Class&nbsp;D Shares beneficially owned by each Reporting Person.</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>GC Dominio controls 64.25% of the votes of CVH. Consequently, GC Dominio may be deemed to beneficially own all Class&nbsp;D Shares beneficially owned, directly and indirectly, by CVH.</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; CVH directly owns 406,757,183 new Class&nbsp;D Shares of the Issuer pursuant to the Merger. In addition, CVH holds 100% of the membership interests of VLG. Consequently, CVH may be deemed to beneficially own all Class&nbsp;D Shares of the Issuer that are directly owned by VLG.</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pursuant to the Merger, VLG received 434,909,475 Class&nbsp;D Shares of the Issuer (due to CVH&#146;s 71.55% ownership in VLG prior to the VLG split-off).</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The 841,666,658 Class&nbsp;D Shares beneficially owned by the Reporting Person represent 39.08% of the total post-Merger capital stock of the Issuer.</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The 434,909,475 Class&nbsp;D Shares beneficially owned by the Reporting Person represent 20.19% of the total post-Merger capital stock of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Reporting Persons do not hold Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Statement, Mr.&nbsp;Sebastian Salaber held 684 Class&nbsp;B Shares of the Issuer, which represent 0.000108929% of the Class&nbsp;B Shares of the Issuer. Mr.&nbsp;Salaber has sole voting and dispositive power with respect to the Class&nbsp;B Shares he holds of record.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the date of this Statement, Mr.&nbsp;Gonzalo Blaquier has a 20% interest in a brokerage account (the &#147;</font><b>Brokerage Account</b>&#148;) held with other members of his family which held 1,826 ADSs, equivalent to 9,180 Class&nbsp;B Shares of the Issuer, which represent 0.0014619464% of the Class&nbsp;B Shares of the Issuer. Mr.&nbsp;Blaquier has shared voting and shared dispositive power with respect to such ADSs.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth in this Item 5(a)-(b)&nbsp;of this Statement, to the knowledge of the Reporting Persons, none of the persons set forth in Schedule A held any Class&nbsp;B Shares or shares convertible into Class&nbsp;B Shares directly or has the right to vote or dispose of any Shares held by the Reporting Persons as of the date of this Statement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Reporting Persons may be deemed to be a group in relation to their respective holdings of shares of the Issuer. The Reporting Persons do not affirm the existence of a group. Except as set forth in this Item 5(a)-(b)&nbsp;of this Statement, each of the persons named in this Item 5(a)-(b)&nbsp;disclaims beneficial ownership of any shares owned beneficially or of record by any other person named in this Statement. Each of the Reporting Persons disclaims beneficial ownership of all of the Class&nbsp;A Shares of the Issuer mentioned in this report, and the filing of this report shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities for purposes of Section&nbsp;13(d)&nbsp;or 13(g)&nbsp;of the Securities Exchange Act of 1934, as amended, or for any other purpose.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On November&nbsp;16, 2017, the Brokerage Account sold 2,444 ADSs at a price of US$32.95 per ADS on the New York Stock Exchange through a broker dealer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth in this statement, none of the Reporting Persons, or to the Reporting Person s&#146; best knowledge, without independent verification, any other person named in Schedule A, has effected any transaction in shares of the Issuer&#146;s Class&nbsp;B Shares during the past 60 days.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the Reporting Persons&#146; best knowledge, no person other than the Reporting Person has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities beneficially owned by the Reporting Person identified in this Item 5.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not applicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other than as described in item 4 above, which is incorporated herein by reference, and in the agreements attached as exhibits hereto, to the best knowledge of the Reporting Persons, there are no contracts, arrangements, understandings or relationships (legal or otherwise), including, but not limited to, transfer or voting of any of the securities, finder&#146;s fees, joint ventures, loan or option</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="PB_10_203847_7748"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, among the persons named in item 2 and between such persons and any person, with respect to any securities of the Issuer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Item 7. Material to Be Filed as Exhibits</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>   Number</font></b></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Merger Agreement,   dated as of June&nbsp;30, 2017, between Telecom Argentina S.A. and   Cablevisi&#243;n S.A.</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Free Translation of the   Preliminary Merger Agreement, dated as of June&nbsp;30, 2017, between Telecom   Argentina S.A. and Cablevisi&#243;n S.A.</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.3</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders Agreement,   dated as of July&nbsp;7, 2017, among VLG Argentina LLC, Cablevisi&#243;n Holding   S.A., Fintech Telecom, LLC, Fintech Media, LLC and Fintech Advisory Inc.</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.4</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Option Agreement, dated   as of July&nbsp;7, 2017, among Cablevisi&#243;n Holding S.A., Fintech Telecom,   LLC, Fintech Media, LLC and Fintech Advisory Inc.</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.5</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise Notice, dated   as of December&nbsp;27, 2017, from Cablevisi&#243;n Holding S.A. to Fintech Media,   LLC.</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.6</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit Agreement, dated   as of September&nbsp;24, 2017, Cablevisi&#243;n Holding S.A., Citibank, N.A.,   Goldman Sachs Bank USA,&nbsp;Industrial and Commercial Bank of China Limited,   Dubai (DIFC) Branch,&nbsp;Ita&#250; Unibanco S.A., Nassau Branch, <i>inter alios</i>.</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="11%" valign="top" style="padding:0in 0in 0in 0in;width:11.8%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.7</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.22%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Filing Agreement</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt 1.5in;text-indent:-1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="PB_11_203947_141"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">After reasonable inquiry and to the best of my knowledge and belief,&nbsp;I certify that the information set forth in this statement is true, complete and correct.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: January&nbsp;2, 2018</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISI&#211;N HOLDING S.A.</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Chief Executive Officer</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GC Dominio S.A.</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ H&#233;ctor Horacio Magnetto</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&#233;ctor Horacio Magnetto</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISI&#211;N HOLDING S.A., as managing member of VLG Argentina LLC.</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Chief Executive Officer of Cablevisi&#243;n Holding S.A., the   managing member of VLG Argentina, LLC</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="PB_12_204049_7608"></a></p>
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<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt 4.0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt 4.0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule A</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following sets forth the name, citizenship, present principal occupation or employment of each director CVH and GC Dominio. GC Dominio, CVH and VLG have not appointed executive officers. To the best of the Reporting Persons&#146; knowledge, except as set forth on Schedule 13D, none of the directors or executive officers of CVH or GC Dominio own any Class&nbsp;B Shares or any shares convertible into Class&nbsp;B Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board of Directors of Cablevisi&#243;n Holding S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Title</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Citizenship</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="18%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Present&nbsp;Principal<br>   Occupation&nbsp;or<br>   Employment</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="20%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:20.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Business&nbsp;Address</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro A. Urricelqui</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Director</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman of Cablevisi&#243;n   S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:20.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tacuar&#237; 1842 (1139), 4</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;floor, Buenos Aires, Argentina</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dami&#225;n F. Cassino</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice-Chairman and   Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner at SVA Abogados   (law firm)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Florida 954 (1005), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Av. Corrientes 531, 9</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th&nbsp;</font>Floor (1043), Buenos   Aires, Argentina</p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Florida 954 (1005), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner at SVA Abogados   (law firm)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Florida 954 (1005), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Av. Coronel D&#237;az 2333 6D (1425), Buenos Aires,   Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Av. Coronel D&#237;az 2857 (1425), Buenos Aires,   Argentina</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner at Or&#237;a,   Colombres&nbsp;&amp; Saravia Abogados (law firm)</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Av. Leandro N. Alem 651, 9</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor (1001), Buenos Aires, Argentina</p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner at Or&#237;a,   Colombres&nbsp;&amp; Saravia Abogados (law firm)</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Av. Leandro N. Alem 651, 9</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor (1001), Buenos Aires, Argentina</p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="PB_14_203433_7056"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Board of Directors of GC Dominio S.A.</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Citizenship</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&#233;ctor Horacio Magnetto</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Media Businessman</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Piedras 1743 (1140), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jos&#233; Antonio Aranda</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice Chairman and   Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Media Businessman</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Piedras 1743 (1140), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lucio Rafael Pagliaro</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Media Businessman</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Piedras 1743 (1140), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lucio Andr&#233;s Pagliario</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Psychologist</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Piedras 1743 (1140), Buenos Aires, Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Claudia I. Ostergaard</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partner at SVA Abogados   (law firm)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Av. Corrientes 531, 9</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th&nbsp;</font>Floor (1043), Buenos   Aires, Argentina</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Santiago Jos&#233; Mar&#237;a S&#225;enz Valiente</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:18.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alternate Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign Attorney at Fox   Horan&nbsp;&amp; Camerini LLP (law firm)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">825 Third Avenue, New York, United States of America</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="PB_15_203642_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Exhibit<br>   Number</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Description</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.1</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Merger   Agreement, dated as of June&nbsp;30, 2017, between Telecom Argentina S.A. and   Cablevisi&#243;n S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.2</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Free Translation of the   Preliminary Merger Agreement, dated as of June&nbsp;30, 2017, between Telecom   Argentina S.A. and Cablevisi&#243;n S.A.</font></p>    </td>   </tr>
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<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.3</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholders Agreement,   dated as of July&nbsp;7, 2017, among VLG Argentina LLC, Cablevisi&#243;n Holding   S.A., Fintech Telecom, LLC, Fintech Media, LLC and Fintech Advisory Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.4</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Option Agreement, dated   as of July&nbsp;7, 2017, among Cablevisi&#243;n Holding S.A., Fintech Telecom,   LLC, Fintech Media, LLC and Fintech Advisory Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.5</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="88%" valign="top" style="padding:0in 0in 0in 0in;width:88.32%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exercise Notice, dated   as of December&nbsp;27, 2017, from Cablevisi&#243;n Holding S.A. to Fintech Media,   LLC.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.6</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Credit Agreement, dated   as of September&nbsp;24, 2017, Cablevisi&#243;n Holding S.A., Citibank, N.A.,   Goldman Sachs Bank USA,&nbsp;Industrial and Commercial Bank of China Limited,   Dubai (DIFC) Branch,&nbsp;Ita&#250; Unibanco S.A., Nassau Branch, <i>inter alios</i>.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">99.7</font></p>    </td>
<td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.36%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Joint Filing Agreement</font></p>    </td>   </tr>  </table>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.1<a name="Exhibit99_1_102026"></a></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPROMISO PREVIO DE FUSI&#211;N</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">celebrado entre</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(como Sociedad Absorbente)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">y</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISION S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(como Sociedad Absorbida)</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">30</font></b><b> de junio de 2017</b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_083658_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPROMISO PREVIO DE FUSI&#211;N</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">El presente COMPROMISO PREVIO DE FUSI&#211;N se celebra el </font>30 de junio de 2017 entre:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Telecom Argentina S.A.</b> (&#147;<u>Telecom Argentina</u>&#148; o, la &#147;<u>Sociedad Absorbente</u>&#148;), con domicilio en la Avda. Alicia Moreau de Justo 50, piso 13, de la Ciudad Aut&#243;noma de Buenos Aires;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cablevisi&#243;n S.A.</b> (&#147;<u>Cablevisi&#243;n</u>&#148; o, la &#147;<u>Sociedad Absorbida</u>&#148;), con domicilio en la Avda.&nbsp;General Hornos 690 de la Ciudad Aut&#243;noma de Buenos Aires y, junto con Telecom Argentina, las &#147;<u>Partes</u>&#148; y cada una de ellas individualmente, una &#147;<u>Parte</u>&#148;.</p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CONSIDERANDO:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que la actividad principal de Telecom Argentina es la prestaci&#243;n, por cuenta propia o de terceros o asociada con terceros, de Servicios TIC (tal como se los define m&#225;s abajo), sean servicios de telecomunicaciones fijos, m&#243;viles, al&#225;mbricos, inal&#225;mbricos, nacionales o internacionales, con o sin infraestructura propia, servicios de valor agregado (incluyendo acceso a internet) y servicios de transmisi&#243;n de datos en el marco de las respectivas licencias, y su objeto social incluye la prestaci&#243;n de Servicios de Comunicaci&#243;n Audiovisual (tal como se define m&#225;s abajo). Asimismo, Telecom Argentina tambi&#233;n desarrolla actividad como sociedad inversora.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que la actividad principal de Cablevisi&#243;n consiste tambi&#233;n en la prestaci&#243;n de los Servicios TIC que se encuentran registrados en la Licencia &#250;nica Argentina Digital de la que resulta titular conforme Resoluci&#243;n N&#176; 1359/2016 , entre otros y principalmente, la explotaci&#243;n del Servicio de Televisi&#243;n por Suscripci&#243;n por v&#237;nculo f&#237;sico y por v&#237;nculo radioel&#233;ctrico y el Servicio de Transmisi&#243;n de Datos, como as&#237; tambi&#233;n otros servicios de telecomunicaciones fijos, m&#243;viles, al&#225;mbricos e inal&#225;mbricos, nacionales e internacionales, dentro de los cuales se destacan tambi&#233;n los Servicios de Valor Agregado (incluyendo acceso a internet), Telefon&#237;a y Trunking (este &#250;ltimo se presta a trav&#233;s de su subsidiaria Nextel, en proceso de fusi&#243;n por absorci&#243;n con Cablevisi&#243;n) y el Servicio de Comunicaciones M&#243;viles Avanzadas a trav&#233;s de una red a desplegar por parte de &#233;sta, incluyendo su objeto social la posibilidad de explotar Servicios de Comunicaci&#243;n Audiovisual. Asimismo, Cablevisi&#243;n tambi&#233;n desarrolla actividad como sociedad inversora.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que hoy en d&#237;a se constata, tanto en el plano nacional como en el internacional, una tendencia a la convergencia tecnol&#243;gica entre medios y telecomunicaciones de las distintas modalidades separadas o independientes de prestaci&#243;n de</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_083807_5335"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">servicios de transmisi&#243;n de voz, datos, sonido e imagen, tanto fijos como inal&#225;mbricos, en un &#250;nico producto o series de productos a proveer a los usuarios como un todo (los &#147;<u>Productos de Convergencia</u>&#148;) </font>para beneficio de los usuarios y consumidores de dichos m&#250;ltiples servicios individuales.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que con fecha 1&#176; de enero de 2018 se habr&#225; cumplido el plazo dispuesto por los Decretos N&#176; 267/15 y 1340/16 para el levantamiento de la restricci&#243;n que aplica exclusivamente sobre los prestadores del Servicio B&#225;sico Telef&#243;nico cuya licencia ha sido concedida en los t&#233;rminos del Decreto N&#186; 62/90 y de los puntos 1 y 2 del art&#237;culo 5 del Decreto N&#176; 264/98, as&#237; como los del Servicio de Telefon&#237;a M&#243;vil con licencia otorgada conforme el pliego de bases y condiciones aprobado por Resoluci&#243;n del entonces Ministerio de Econom&#237;a y Obras y Servicios P&#250;blicos N&#186; 575/93 y ratificado por Decreto N&#186; 1.461/93, entre &#233;stos Telecom Argentina y Telecom Personal, para integrar en su oferta de servicios de telecomunicaciones, el Servicio de Televisi&#243;n por Suscripci&#243;n mediante vinculo f&#237;sico y/o v&#237;nculo radioel&#233;ctrico.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que a fines de ofrecer Productos de Convergencia a sus respectivos clientes, las Partes han considerado que sus respectivas estructuras operativas y t&#233;cnicas son altamente complementarias y podr&#237;an ser optimizadas mediante una consolidaci&#243;n estructural, logrando sinergias y eficiencias en el desarrollo de los Productos de Convergencia que demandar&#225; el mercado a medida que se levanten las restricciones regulatorias.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que las Partes consideran que dicha consolidaci&#243;n estructural podr&#225; lograrse mediante la realizaci&#243;n de un proceso de fusi&#243;n en los t&#233;rminos de lo prescripto por la Ley General de Sociedades (la &#147;LGS&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que tanto Telecom Argentina como Cablevisi&#243;n son sociedades admitidas al r&#233;gimen de oferta p&#250;blica en Argentina sujetas a un r&#233;gimen exhaustivo de informaci&#243;n con niveles de informaci&#243;n anual, trimestral y urgente e inmediata en caso de producirse hechos relevantes que puedan afectar la cotizaci&#243;n de sus t&#237;tulos valores, de conformidad con las normas de la Comisi&#243;n Nacional de Valores raz&#243;n por la cual, cada una de las Partes dispone de informaci&#243;n p&#250;blica respecto de la otra que permite llevar adelante la preparaci&#243;n y confecci&#243;n de la documentaci&#243;n de la Fusi&#243;n (tal como se define m&#225;s adelante) en los mismos t&#233;rminos de transparencia que los existentes para los inversores en las sociedades involucradas; y</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que luego de haber analizado los t&#233;rminos en que podr&#237;a llevarse adelante dicha fusi&#243;n, las Partes desean emprender el proceso societario y regulatorio correspondiente.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">POR LO TANTO</font></b>, las Partes acuerdan suscribir el presente COMPROMISO PREVIO DE FUSI&#211;N, <i>ad refer&#233;ndum</i> de las respectivas aprobaciones asamblearias de Telecom Argentina y Cablevisi&#243;n conforme a lo dispuesto por el art. 83 y</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">siguientes de la LGS, las Normas de la Comisi&#243;n Nacional de Valores y los dem&#225;s t&#233;rminos y condiciones previstas en el presente.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Primero.</font></u></b><b> DEFINICIONES.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Los siguientes t&#233;rminos utilizados con su primera letra en may&#250;scula tendr&#225;n el significado que se les asigna a continuaci&#243;n, salvo que su utilizaci&#243;n en may&#250;scula obedezca exclusivamente a la regla gramatical que indica su uso en may&#250;scula al iniciar una oraci&#243;n o se trate de un nombre propio:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase A de CV</u>&#148;: </font></b>significa cada una de las 96.006 acciones escriturales, ordinarias, Clase &#147;A&#148; de un voto por acci&#243;n y diez mil Pesos de valor nominal cada una emitidas por Cablevisi&#243;n representativas del 80,005% de su capital social, que no se encuentran listadas ni en ByMA ni en ninguna otra bolsa o mercado del pa&#237;s o del exterior.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase B de CV</u>&#148;: </font></b>significa cada una de las 23.994 acciones escriturales, ordinarias, Clase &#147;B&#148; de un voto por acci&#243;n y diez mil Pesos de valor nominal cada una emitidas por Cablevisi&#243;n representativas del 19,995% de su capital social, que no se encuentran listadas ni en ByMA ni en ninguna otra bolsa o mercado del pa&#237;s o del exterior.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase A de Telecom Argentina</u>&#148;: </font></b>significa cada una de las 502.034.299 acciones escriturales, ordinarias, Clase &#147;A&#148; de un voto por acci&#243;n y un Peso de valor nominal cada una emitidas a la fecha por Telecom Argentina, con cotizaci&#243;n originalmente autorizada en la Bolsa de Comercio de Buenos Aires, pero sin negociaci&#243;n efectiva en el mercado de valores hasta la fecha.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase B de Telecom Argentina</u>&#148;: </font></b>significa cada una de las 482.111.931 acciones escriturales, ordinarias, Clase &#147;B&#148; de un voto por acci&#243;n y un Peso de valor nominal cada una, emitidas a la fecha por Telecom Argentina que se encuentran listadas en ByMA y de las cuales 15.221.373 son acciones propias en cartera.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acci&#243;n Clase D de Telecom Argentina</u>&#148;: </font></b>significa cada una de las acciones escriturales, ordinarias, Clase &#147;D&#148;, de un voto por acci&#243;n y un Peso de valor nominal, convertibles en Acciones Clase B, a ser emitidas por Telecom Argentina por efecto de la Fusi&#243;n.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acuerdo de Asistencia T&#233;cnica</u>&#148;: </font></b>significa el acuerdo de asistencia t&#233;cnica suscripto entre Cablevisi&#243;n y CVH con fecha mayo de 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Acuerdo Definitivo de Fusi&#243;n</u>&#148;: </font></b>significa el acuerdo definitivo de fusi&#243;n a ser suscripto por Telecom Argentina y Cablevisi&#243;n a efectos de implementar la presente Fusi&#243;n, de conformidad con los t&#233;rminos de los art&#237;culos 82, 83 y subsiguientes de la LGS y las disposiciones del presente Compromiso.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Asamblea Ordinaria y Extraordinaria de Telecom Argentina</u>&#148;:</font></b> significa una asamblea ordinaria y extraordinaria a ser convocada por Telecom Argentina para la aprobaci&#243;n del presente Compromiso Previo de Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Asamblea Extraordinaria de Cablevisi&#243;n</u>&#148;:</font></b> significa una asamblea extraordinaria a ser convocada por Cablevisi&#243;n para la aprobaci&#243;n de los t&#233;rminos del presente Compromiso Previo de Fusi&#243;n a celebrarse en los t&#233;rminos del art&#237;culo 244 de la LGS.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Autorizaci&#243;n ENACOM</u>&#148;: </font></b>significa una resoluci&#243;n dictada por el ENACOM autorizando: i) la Fusi&#243;n y ii) la registraci&#243;n bajo la Licencia &#218;nica Argentina Digital de titularidad de Telecom Argentina de los registros, recursos, asignaciones, habilitaciones, frecuencias y autorizaciones de titularidad de Cablevisi&#243;n y/o de las sociedades absorbidas por esta &#250;ltima.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Aviso</u>&#148;:</font></b> significa el aviso a ser publicado por Telecom Argentina y Cablevisi&#243;n de conformidad con el art&#237;culo 83 de la LGS a efectos del ejercicio de los Derechos de Oposici&#243;n de los respectivos acreedores de las mismas.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">ByMA</u></b>&#148;<b>:</b> significa Bolsas y Mercados Argentinos, el mercado de valores continuador, desde abril de 2017, de las operaciones de Mercado de Valores de Buenos Aires S.A.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Compromiso</u>&#148; o &#147;<u>Compromiso Previo de Fusi&#243;n</u>&#148;: </font></b>significa el presente compromiso previo de fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>CVH</u>&#148;: </font></b>significa Cablevisi&#243;n Holding S.A., la sociedad titular de 34.425 Acciones Clase A de CV y 6.782 Acciones Clase B de CV.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decreto 267/15</u>&#148;: </font></b>significa el Decreto de Necesidad y Urgencia Nro. 267 dictado el 29 de diciembre de 2015.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decreto 1340/16</u>&#148;: </font></b>significa el Decreto Nro. 1340 dictado el 30 de diciembre de 2016, modificatorio del Decreto 267/15.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Derechos de Oposici&#243;n</u>&#148;: </font></b>significa los derechos previstos en el art&#237;culo 83 de la LGS para que dentro de los 15 d&#237;as siguientes contados a partir del d&#237;a siguiente a la &#250;ltima publicaci&#243;n del Aviso realizado por las sociedades intervinientes en la Fusi&#243;n los acreedores de causa o t&#237;tulo anterior de las sociedades puedan oponerse a la misma.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;EBITDA&#148;</font></u></b><b>: </b>significa respecto de una persona y para el per&#237;odo en el que se realice la determinaci&#243;n, sus ventas menos costo de ventas, gastos de comercializaci&#243;n y administraci&#243;n, (excluyendo amortizaciones y depreciaciones), o lo que es lo mismo: la utilidad de la explotaci&#243;n antes de depreciaciones y amortizaciones, todo</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">determinado de conformidad con Normas Internacionales de Informaci&#243;n Financiera (&#147;NIIF&#148;) y tal como se refleje en los respectivos estados financieros para el per&#237;odo en cuesti&#243;n, seg&#250;n sean de Cablevisi&#243;n o Telecom Argentina, respectivamente.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM</u>&#148;: </font></b>significa el Ente Nacional de Comunicaciones en su car&#225;cter de autoridad de aplicaci&#243;n de la Ley Nro. 27.078 de Argentina Digital y Servicios de la Informaci&#243;n y las Comunicaciones.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Estados Financieros Consolidados Especiales de Fusi&#243;n</u>&#148;: </font></b>significa los estados financieros consolidados especiales de fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017 que se adjuntan como Anexo II y que fueran preparados sobre la base de los Estados Financieros Individuales Especiales de Fusi&#243;n de cada una de dichas compa&#241;&#237;as.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Estados Financieros Individuales Especiales de Fusi&#243;n</u>&#148;: </font></b>significa los estados financieros individuales especiales de fusi&#243;n preparados para Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017 que se adjuntan como Anexos I-A y I-B del presente Compromiso.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Fintech Media</u></b>&#148;<b>:</b> Significa Fintech Media LLC, la sociedad titular de 17.212 Acciones Clase B de CV.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Nuevas Acciones</u>&#148;:</font></b> significa la cantidad de 1.184.528.406 nuevas acciones ordinarias, escriturales, de un peso valor nominal y un voto por acci&#243;n, que corresponde emitir por parte de Telecom Argentina por efecto de la Fusi&#243;n para ser entregadas a los accionistas de Cablevisi&#243;n, bajo la forma de Acciones Clase A de Telecom Argentina o Acciones Clase D de Telecom Argentina, seg&#250;n corresponda, de conformidad con la Relaci&#243;n de Cambio que se establece en el presente y los restantes t&#233;rminos del presente Compromiso Previo de Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Obligaciones Negociables de Cablevisi&#243;n</u>&#148;: </font></b>significa las obligaciones negociables Clase A emitidas por Cablevisi&#243;n por un valor nominal inicial de US$500.000.000 actualmente en circulaci&#243;n y con vencimiento el 15 de junio de 2021.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Reorganizaci&#243;n Societaria de Telecom</u></b>&#148;<b>:</b> significa la fusi&#243;n por absorci&#243;n de Nortel Inversora S.A., Sofora Telecomunicaciones S.A. y Telecom Personal S.A. por Telecom Argentina en su car&#225;cter de sociedad absorbente conforme se describe en el correspondiente prospecto de fusi&#243;n de Telecom Argentina de fecha 11 de mayo de 2017 publicado en la Autopista de Informaci&#243;n Financiera de la Comisi&#243;n Nacional de Valores.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:2.4pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Servicios de Comunicaci&#243;n Audiovisual</u></b>&#148;<b>:</b> significa los servicios de comunicaci&#243;n audiovisual regulados bajo la Ley Nro. 26.522, sus modificatorias y normas reglamentarias.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Servicios TIC&#148;:</font></u></b> significa los servicios de tecnolog&#237;as de la informaci&#243;n y las comunicaciones regulados bajo la Ley Nro. 27.078, sus modificatorias y normas reglamentarias.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">VLG</u></b>&#148;<b>:</b> significa </font>VLG Argentina LLC, la sociedad titular de 61.581 Acciones Clase A de CV.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Segundo</font></u></b><b>. Fusi&#243;n.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Por el presente, las Partes acuerdan la fusi&#243;n por absorci&#243;n de Cablevisi&#243;n, como Sociedad Absorbida, por parte de Telecom Argentina como Sociedad Absorbente, de conformidad y con sujeci&#243;n a los t&#233;rminos de los arts. 82 y 83 de la LGS, y con el encuadramiento fiscal previsto en los art&#237;culos 77 y ss. de la ley 20.628 del Impuesto a las Ganancias y art. 105 </font>del Decreto N&#186;1344/1998 reglamentario de la Ley de Impuesto a las Ganancias, y los t&#233;rminos del presente Compromiso Previo de Fusi&#243;n, todo esto <i>ad refer&#233;ndum </i>de la aprobaci&#243;n de sus respectivas asambleas de accionistas y sujeto a las aprobaciones regulatorias y dem&#225;s condiciones que se detallan en el art&#237;culo S&#233;ptimo del presente y con efecto a la Fecha Efectiva de Fusi&#243;n (tal como se define en dicho art&#237;culo S&#233;ptimo) (en adelante, la &#147;<u>Fusi&#243;n</u>&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Tercero.</font></u></b><b> Efectos Generales de la Fusi&#243;n.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Como consecuencia de la Fusi&#243;n acordada en el art&#237;culo Segundo y con efecto a la Fecha Efectiva de Fusi&#243;n: (i)&nbsp;el patrimonio de la Sociedad Absorbida se transferir&#225; &#237;ntegramente a la Sociedad Absorbente adquiriendo en consecuencia Telecom Argentina, la titularidad de todos los bienes, derechos, obligaciones y responsabilidades de cualquier naturaleza de titularidad de Cablevisi&#243;n incluyendo (a)&nbsp;aquellos derechos y obligaciones que, por cualquier raz&#243;n, no se hayan incorporado en el Estado Financiero Individual Especial de Fusi&#243;n, entre los que deben computarse aquellos derechos, bienes u obligaciones surgidos o conocidos con posterioridad a la fecha de cierre de dicho Estado Financiero Individual Especial de Fusi&#243;n como consecuencia de hechos o actividades anteriores a la fecha de cierre de los mismos; (b)&nbsp;aquellos derechos y obligaciones de la Sociedad Absorbida derivados de las relaciones con su respectivo personal, los cuales pasar&#225;n a depender directamente de Telecom Argentina, respet&#225;ndose su antig&#252;edad, beneficios y dem&#225;s derechos adquiridos; y (c)</font>&nbsp;las licencias, registros, recursos, asignaciones, habilitaciones y autorizaciones de titularidad de Cablevisi&#243;n y/o de las sociedades absorbidas por esta &#250;ltima y/o permisos de cualquier tipo; (ii)&nbsp;Telecom Argentina ser&#225; la sociedad continuadora de todas las actividades, operaciones, activos, pasivos, derechos y obligaciones de Cablevisi&#243;n a la Fecha Efectiva de Fusi&#243;n as&#237; como las que pudieren sobrevenir por actuaciones anteriores o posteriores a la misma; (iii)&nbsp;Cablevisi&#243;n se disolver&#225; anticipadamente sin liquidarse; (iv)&nbsp;Telecom Argentina aumentar&#225; su capital social y modificar&#225; sus estatutos de conformidad con los t&#233;rminos previstos en el Anexo IV del presente; y (v)&nbsp;los tenedores de acciones de Cablevisi&#243;n ser&#225;n considerados accionistas de</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina a partir de la Fecha Efectiva de la Fusi&#243;n, incluyendo el ejercicio de sus derechos econ&#243;micos y pol&#237;ticos en la medida de la Relaci&#243;n de Cambio previstas en el presente Compromiso.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Cuarto.</font></u></b><b> Reforma de Estatutos de Telecom Argentina. Nueva Estructura Accionaria.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De conformidad con los t&#233;rminos de la Fusi&#243;n, Telecom Argentina modificar&#225; sus Estatutos en los t&#233;rminos previstos en el Anexo IV del presente. Asimismo, como consecuencia de la Fusi&#243;n y tomando en cuenta la Relaci&#243;n de Cambio propuesta, Telecom Argentina deber&#225; aumentar su capital social en la suma de Pesos 1.184.528.406. Consecuentemente, Telecom Argentina deber&#225; emitir 1.184.528.406 acciones ordinarias, escriturales, de un peso valor nominal y un voto por acci&#243;n (menos las que puedan corresponder por liquidaci&#243;n de fracciones en efectivo), de las cuales, y tomando en consideraci&#243;n las tenencias a la fecha del presente directas e indirectas de Fintech Media y CVH en Cablevisi&#243;n:&#160; (i)&nbsp;473.836.040 ser&#225;n Acciones Clase A de Telecom Argentina y (ii)&nbsp;710.692.366 ser&#225;n Acciones Clase D de Telecom Argentina; las que ser&#225;n entregadas a los accionistas de Cablevisi&#243;n de conformidad con la Relaci&#243;n de Cambio y dem&#225;s t&#233;rminos del presente. Tanto las Acciones Clase A de Telecom Argentina como las Acciones Clase D de Telecom Argentina que se entreguen a los accionistas de Cablevisi&#243;n ser&#225;n libremente convertibles en acciones Clase B de Telecom Argentina y tendr&#225;n ciertos derechos de mayor&#237;as especiales para la aprobaci&#243;n de los temas que se detallan en el proyecto de Reforma de Estatutos de Telecom Argentina que se adjunta como Anexo IV. Estas modificaciones que se introduzcan a los Estatutos de Telecom Argentina tendr&#225;n efectividad a la Fecha Efectiva de Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Quinto</font></u></b><b>. Relaci&#243;n de Cambio de Acciones.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Relaci&#243;n de Cambio</u>. Las Partes han acordado proponer a sus respectivas asambleas de accionistas la siguiente relaci&#243;n de cambio de acciones ordinarias de Cablevisi&#243;n por acciones ordinarias de Telecom Argentina: 1 acci&#243;n ordinaria de Cablevisi&#243;n (ya sea una Acci&#243;n Clase A de Cablevisi&#243;n o una Acci&#243;n Clase B de Cablevisi&#243;n) por cada 9.871,07005 Nuevas Acciones de Telecom Argentina, seg&#250;n corresponda de conformidad con los t&#233;rminos del presente (la &#147;<u>Relaci&#243;n de Cambio</u>&#148;). A tal fin se ha tomado en cuenta para Telecom Argentina una cantidad de acciones en circulaci&#243;n de 969.159.605 acciones (excluyendo las 15.221.373 Acciones Clase B de Telecom Argentina recompradas y mantenidas en cartera por Telecom Argentina) y para Cablevisi&#243;n la cantidad de 120.000 acciones en circulaci&#243;n. Las fracciones o decimales de acciones resultantes del canje a cada accionista ser&#225;n abonadas en efectivo en la sede social de Telecom Argentina en el d&#237;a y hora que oportunamente se indiquen para el canje de acciones. La liquidaci&#243;n de las fracciones se efectuar&#225; siguiendo el procedimiento establecido por la normativa aplicable.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 39.3pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mecanismo de Determinaci&#243;n de la Relaci&#243;n de Cambio. Valuaciones</u>.</p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">La Relaci&#243;n de Cambio propuesta ha sido determinada por las Partes sujeta a la aprobaci&#243;n de sus respectivas asambleas de accionistas, tomando en consideraci&#243;n, entre otros aspectos, los rangos de valor resultantes de la aplicaci&#243;n de los siguientes m&#233;todos de valuaci&#243;n a ambas sociedades: a) el valor actual neto de los flujos de fondos descontados de cada sociedad; b) los m&#250;ltiplos de valuaci&#243;n de empresas comparables; y c) el valor de mercado de negociaci&#243;n de las Acciones Clase B de Telecom Argentina y de las acciones de Cablevisi&#243;n, tomando para las acciones de Cablevisi&#243;n su valor impl&#237;cito de negociaci&#243;n incorporado en los valores de negociaci&#243;n en el mercado de las Acciones Clase B de Grupo Clar&#237;n S.A. (la antecesora de CVH) como sociedad controlante de Cablevisi&#243;n. En el Anexo III del presente se expone el mecanismo de c&#225;lculo de la Relaci&#243;n de Cambio.</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">La Relaci&#243;n de Cambio fue considerada razonable<i> (fair),</i> desde el punto de vista financiero, a la fecha de la respectiva opini&#243;n y de acuerdo con sus t&#233;rminos, por dos valuadores profesionales no relacionados con ninguna de las sociedades involucradas. A esos efectos, Telecom Argentina contrat&#243; a JP Morgan Securities LLC y Cablevisi&#243;n contrat&#243; a LionTree Advisors LLC, dos firmas de primer nivel internacional con experiencia comprobada en operaciones de fusi&#243;n y tambi&#233;n con alta especializaci&#243;n en la industria de Servicios TIC (los &#147;<u>Valuadores Independientes</u>&#148;), cada uno de los cuales emiti&#243; su respectivo Informe de Razonabilidad de la Relaci&#243;n de Cambio <i>(&#147;Fairness Opinion</i>&#148;) para su consideraci&#243;n por el Directorio de Telecom Argentina, en el caso de JP Morgan Securities LLC y por el Directorio de Cablevisi&#243;n en el caso de LionTree Advisors LLC .</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A efectos de emitir sus Informes de Razonabilidad de la Relaci&#243;n de Cambio, los Valuadores Independientes aplicaron respectivamente los m&#233;todos de valuaci&#243;n que cada uno de ellos generalmente aplica en procedimientos similares al presente, incluyendo, entre otros, los m&#233;todos mencionados en los puntos a) a c) del primer p&#225;rrafo de este apartado.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Atribuci&#243;n de Acciones por Relaci&#243;n de Cambio</u>. De conformidad con la Relaci&#243;n de Cambio, las Partes han acordado proponer a sus accionistas que las Nuevas Acciones a emitir por Telecom Argentina sean atribuidas a los titulares de acciones ordinarias de Cablevisi&#243;n conforme al siguiente detalle:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fintech Media: conforme la Relaci&#243;n de Cambio a Fintech Media le corresponder&#237;an 169.900.857,70 acciones, por lo cual las Partes han propuesto que se le entreguen, 169.900.858 Nuevas</p>
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<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones Clase A de Telecom Argentina a cambio de 17.212 acciones Clase B emitidas por Cablevisi&#243;n de su titularidad;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH: conforme la Relaci&#243;n de Cambio a CVH le corresponder&#237;an 406.757.183,55 acciones por lo cual las Partes han propuesto que se le entreguen, 406.757.183 Nuevas Acciones Clase D a cambio de 41.207 acciones ( 34.425 Acciones Clase A de CV y 6.782 Acciones Clase B de CV) emitidas por Cablevisi&#243;n de su titularidad;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VLG: conforme la Relaci&#243;n de Cambio a VLG le corresponder&#237;an 607.870.364,75 acciones, por lo cual las Partes han propuesto que se le entreguen en total 607.870.364 Nuevas Acciones a cambio de 61.581 Acciones Clase A emitidas por Cablevisi&#243;n de su titularidad. Dichas nuevas acciones ordinarias emitidas por Telecom Argentina ser&#225;n entregadas a VLG en una proporci&#243;n de Nuevas Acciones Clase A y de Nuevas Acciones Clase D equivalente a la proporci&#243;n de las tenencias que Fintech Media y CVH mantengan en VLG a la Fecha Efectiva de Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ajustes de la Relaci&#243;n de Cambio</u>. (a)&nbsp;Las Partes han acordado permitir que tanto Telecom Argentina como Cablevisi&#243;n puedan distribuir dividendos en efectivo a sus respectivos accionistas con anterioridad a la Fecha Efectiva de Fusi&#243;n, previ&#233;ndose el ajuste de la Relaci&#243;n de Cambio en funci&#243;n de cualquier distribuci&#243;n o distribuciones de dividendos en efectivo realizadas a partir de la fecha del presente Compromiso Previo de Fusi&#243;n y con anterioridad a la Fecha Efectiva de Fusi&#243;n de conformidad con los siguientes t&#233;rminos: i) a los efectos del c&#225;lculo de los ajustes a la Relaci&#243;n de Cambio se tomar&#225;n como referencia los siguientes valores por acci&#243;n proporcionales a la Relaci&#243;n de Cambio: US$ 5,1591 por cada acci&#243;n en circulaci&#243;n para Telecom Argentina y US$ 50.925,93 por cada acci&#243;n en circulaci&#243;n para Cablevisi&#243;n; (ii)&nbsp;el antes mencionado valor de referencia por acci&#243;n en d&#243;lares estadounidenses a ser tomado en cuenta para calcular los ajustes a la Relaci&#243;n de Cambio de la sociedad que haga efectivo el pago de dividendos ser&#225; reducido en un monto igual al monto en d&#243;lares estadounidenses por acci&#243;n correspondiente al dividendo que se haya pagado y se volver&#225; a calcular la Relaci&#243;n de Cambio tomando en cuenta dicho menor valor de referencia por acci&#243;n de la sociedad que haya pagado el dividendo. En caso que los dividendos sean pagados en Pesos, el valor en d&#243;lares de dicho dividendo ser&#225; calculado tomando en cuenta el tipo de cambio mayorista de conformidad con la Comunicaci&#243;n A-3500 del Banco Central de la Rep&#250;blica Argentina que haya sido publicado para el cierre de operaciones de la fecha inmediatamente anterior a la fecha en la cual el dividendo correspondiente haya sido puesto a disposici&#243;n en Argentina; (b)&nbsp;en caso que ocurriera cualquier hecho extraordinario que altere sustancialmente el curso de los negocios de una o ambas sociedades antes</p>
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<p style="margin:0in 0in .0001pt 31.7pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">de la Fecha Efectiva de Fusi&#243;n, las Partes tomar&#225;n nota de dicho hecho y sus efectos y acordar&#225;n los ajustes que puedan corresponder a la Relaci&#243;n de Cambio, (c)&nbsp;no se tomar&#225; como causal de ajuste de la Relaci&#243;n de Cambio cualquier distribuci&#243;n de dividendos anticipada o definitiva que puedan realizar Nortel Inversora S.A. o Sofora Telecomunicaciones S.A. antes de su fusi&#243;n por absorci&#243;n en Telecom Argentina ni a&#250;n en el caso que dichas distribuciones efectuadas por Nortel Inversora S.A. o Sofora Telecomunicaciones S.A. sean luego conformadas por Telecom Argentina, (d)&nbsp;no se tomar&#225; como causal de ajuste de la Relaci&#243;n de Cambio (i)&nbsp;el pago de la segunda cuota por un monto de hasta US$ 50.000.000 (d&#243;lares estadounidenses cincuenta millones) de los dividendos declarados por la asamblea anual ordinaria y extraordinaria de accionistas de Cablevisi&#243;n de fecha 30 de marzo de 2017 los que&#160; ser&#225;n pagados con posterioridad a la fecha del presente; y (ii)&nbsp;un monto de hasta US$ 50.000.000 de dividendos que Telecom Argentina podr&#225; declarar y pagar en cualquier momento antes de la Fecha Efectiva de la Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Sexto</font></u></b><b>. Aumento de Capital de Telecom Argentina.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Por efecto de la Fusi&#243;n y de conformidad con la Relaci&#243;n de Cambio propuesta, Telecom Argentina realizar&#225; un aumento de capital de Pesos un mil ciento ochenta y cuatro millones quinientos veintiocho mil cuatrocientos seis ($ 1.184.528.406) y emitir&#225; en la Fecha Efectiva de Fusi&#243;n un total de 1.184.528.406 Nuevas Acciones. Consecuentemente, el capital social de Telecom Argentina, luego de la Fecha Efectiva de Fusi&#243;n, ascender&#225; a la suma de $2.168.909.384 o la que resulte de los ajustes a la Relaci&#243;n de Cambio que pudieran corresponder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo S&#233;ptimo.</font></u></b><b> Fecha Efectiva de Fusi&#243;n y condiciones precedentes.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">La presente Fusi&#243;n se acuerda con efecto a partir de la 0:00 horas del d&#237;a en que los Presidentes de los Directorios de las Partes (en adelante, la &#147;<u>Fecha Efectiva de Fusi&#243;n</u>&#148;), suscriban un acta de traspaso de las operaciones en la que se deje constancia de que: (i)&nbsp;Telecom Argentina ha acondicionado sus sistemas t&#233;cnico-operativos para asumir las operaciones y actividades de Cablevisi&#243;n; y (ii)&nbsp;que en esa Fecha Efectiva de Fusi&#243;n se concreta el traspaso de las operaciones y actividades de la Sociedad Absorbida a Telecom Argentina por haberse cumplido todas las siguientes condiciones a las que est&#225; sujeta la Fusi&#243;n:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 117.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que se haya suscripto el Acuerdo Definitivo de Fusi&#243;n; y</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 121.5pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Que se haya obtenido la Autorizaci&#243;n ENACOM.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A partir de la Fecha Efectiva de Fusi&#243;n,</font> Telecom Argentina continuar&#225; con las operaciones de la Sociedad Absorbida, generando los correspondientes efectos</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">operativos, contables e impositivos. A esa fecha se considerar&#225;n incorporados al patrimonio de Telecom Argentina, en su calidad de Sociedad Absorbente y continuadora, todos los activos y pasivos incluidos bienes registrables, derechos y obligaciones pertenecientes a Cablevisi&#243;n como Sociedad Absorbida.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Octavo.</font></u></b><b> Motivos y Finalidades de la Fusi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De conformidad con lo dispuesto en el inciso 1, punto a), del art&#237;culo 83 de la LGS, las Partes manifiestan que la Fusi&#243;n acordada en el presente Compromiso se realiza a fin de posibilitar que las mismas puedan ofrecer en forma eficiente, y con la mayor celeridad que sea posible, Productos de Convergencia de conformidad con las normas aplicables.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Noveno.</font></u></b><b> Documentaci&#243;n Contable. Estados Financieros Individuales Especiales de Fusi&#243;n y Estados Financieros Consolidados Especiales de Fusi&#243;n. Declaraciones de las Partes.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Los siguientes documentos forman parte del presente Compromiso: (i)&nbsp;los Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017, que se adjuntan como Anexos I (A)&nbsp;y I (B)&nbsp;al presente Compromiso, respectivamente; (ii)&nbsp;los Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017, que se adjuntan como Anexo II al presente; (iii)&nbsp;el mecanismo de c&#225;lculo de las Relaciones de Cambio adjunto como Anexo III; (iv)&nbsp;Proyecto de Reforma de Estatutos de Telecom Argentina adjunto como Anexo IV; y (v)&nbsp;Listado de Transacciones con Partes Relacionadas de Cablevisi&#243;n (Anexo V). La documentaci&#243;n contable mencionada en los Anexos I (A)&nbsp;y I (B)&nbsp;y II fue confeccionada por los administradores de las Partes sobre bases y criterios de valuaci&#243;n homog&#233;neos, firmados por sus respectivos representantes legales, con informe de las respectivas Comisiones Fiscalizadoras y certificados por contador p&#250;blico matriculado. En particular los Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017 cuentan con dict&#225;menes de los Auditores Externos Independientes, conforme las normas de auditor&#237;a vigentes. Los Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017 cuentan con informe de los Auditores Externos Independientes, en cumplimiento de lo requerido por la Comisi&#243;n Nacional de Valores. Todos los Anexos ser&#225;n puestos a disposici&#243;n de los accionistas y, oportunamente, los estados financieros se transcribir&#225;n en los libros sociales respectivos.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n realiza las siguientes declaraciones a Telecom Argentina a la fecha de firma del presente Compromiso Previo de Fusi&#243;n:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>El capital social de Cablevisi&#243;n es de Pesos 1.200.000.000 y est&#225; representado en 96.006 acciones Clase A de valor nominal diez mil pesos y un voto por acci&#243;n y 23.994 acciones Clase B de valor nominal diez mil pesos y un voto por acci&#243;n. Todas las acciones que representan su capital se encuentran totalmente suscriptas e integradas y no est&#225;n sujetas a ning&#250;n derecho real de garant&#237;a; no existen aportes irrevocables a cuenta de futuras suscripciones de acciones pendientes de capitalizaci&#243;n ni tampoco existen opciones, warrants, t&#237;tulos convertibles o canjeables por acciones ni ning&#250;n derecho de terceros a reclamar la emisi&#243;n de nuevas acciones de ninguna clase de Cablevisi&#243;n;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n es una sociedad an&#243;nima regularmente constituida e inscripta ante la Inspecci&#243;n General de Justicia y tiene capacidad para suscribir el presente Compromiso Previo de Fusi&#243;n y llevar adelante la Fusi&#243;n en los t&#233;rminos previstos en el presente Compromiso Previo de Fusi&#243;n; la suscripci&#243;n del presente Compromiso Previo de Fusi&#243;n ha sido aprobada por el Directorio de Cablevisi&#243;n en su reuni&#243;n de fecha 30 de junio de 2017;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>los Estados Financieros Individuales Especiales de Fusi&#243;n de Cablevisi&#243;n al 31 de marzo de 2017 reflejan razonablemente la situaci&#243;n econ&#243;mica financiera de Cablevisi&#243;n y han sido auditados por Price Waterhouse&nbsp;&amp; Co. Desde la fecha de esos estados financieros, no han ocurrido hechos que pudieran causar un cambio adverso significativo en la situaci&#243;n econ&#243;mico financiera de Cablevisi&#243;n o en el resultado de sus operaciones; no existen pasivos significativos que debieran haber sido reflejados en dichos estados financieros y que no hayan sido as&#237; reflejados o que no est&#233;n debidamente previsionados de conformidad con las normas contables aplicables;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>la informaci&#243;n de car&#225;cter p&#250;blico presentada por Cablevisi&#243;n ante la Comisi&#243;n Nacional de Valores y disponible en el sitio de internet de esa Comisi&#243;n no presenta ninguna manifestaci&#243;n falsa respecto de cualquier hecho significativo ni omite informar cualquier hecho significativo necesario para que dicha informaci&#243;n, a la luz de las circunstancias en las cuales fue presentada, no sea enga&#241;osa;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>excepto por las transacciones que se describen en los estados financieros trimestrales de Cablevisi&#243;n al 31 de marzo de 2017 y en el Anexo V del presente, no existen otros contratos con partes relacionadas que puedan ser transferidos a Telecom Argentina por efecto de la Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ha recibido una Fairness Opinion de parte de LionTree Advisors LLC que considera que la Relaci&#243;n de Cambio es razonable<i> (fair).</i></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina realiza las siguientes declaraciones a Cablevisi&#243;n a la fecha de firma del presente Compromiso Previo de Fusi&#243;n:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>El capital social de Telecom Argentina es de $ 984.380.978 y est&#225; representado por 502.034.299 Acciones Clase A de valor nominal un peso y un voto por acci&#243;n; 482.111.931 Acciones Clase B de valor nominal un peso y un voto por acci&#243;n; y 234.748 Acciones Clase C de valor nominal un peso y un voto por acci&#243;n. Del total de acciones representativas del capital social, 15.221.373 Acciones Clase B han sido recompradas por Telecom Argentina y se mantienen en cartera, con lo cual las acciones en circulaci&#243;n sobre la base de las cuales se ha realizado el c&#225;lculo de la Relaci&#243;n de Cambio ascienden a 969.159.605. Todas las acciones que representan su capital se encuentran totalmente suscriptas e integradas y no est&#225;n sujetas a ning&#250;n derecho real de garant&#237;a; no existen aportes irrevocables a cuenta de futuras suscripciones de acciones pendientes de capitalizaci&#243;n ni tampoco existen opciones, warrants, t&#237;tulos convertibles o canjeables por acciones ni ning&#250;n derecho de terceros a reclamar la emisi&#243;n de nuevas acciones de ninguna clase de Telecom Argentina;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina es una sociedad an&#243;nima regularmente constituida e inscripta ante la Inspecci&#243;n General de Justicia y tiene capacidad para suscribir el presente Compromiso Previo de Fusi&#243;n y llevar adelante la Fusi&#243;n en los t&#233;rminos previstos en el presente Compromiso Previo de Fusi&#243;n; la suscripci&#243;n del presente Compromiso Previo de Fusi&#243;n ha sido aprobada por el Directorio de Telecom Argentina en su reuni&#243;n de fecha 30 de junio de 2017;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>los Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina al 31 de marzo de 2017 reflejan razonablemente la situaci&#243;n econ&#243;mica financiera de Telecom Argentina y han sido auditados por Price Waterhouse&nbsp;&amp; Co. Desde la fecha de esos estados financieros, no han ocurrido hechos que pudieran causar un cambio adverso significativo en la situaci&#243;n econ&#243;mico financiera de Telecom Argentina o en el resultado de sus operaciones; no existen pasivos significativos que debieran haber sido reflejados en dichos estados financieros y que no hayan sido as&#237; reflejados o que no est&#233;n debidamente previsionados de conformidad con las normas contables aplicables;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>la informaci&#243;n de car&#225;cter p&#250;blico presentada por Telecom Argentina ante la Comisi&#243;n Nacional de Valores y disponible en el sitio de internet de esa Comisi&#243;n no presenta ninguna manifestaci&#243;n falsa respecto de cualquier hecho significativo ni omite informar cualquier hecho significativo necesario para que dicha informaci&#243;n, a la luz de las circunstancias en las cuales fue presentada, no sea enga&#241;osa;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>excepto por las transacciones que se describen en los estados financieros trimestrales cerrados al 31 de marzo de 2017 no existen otros contratos con partes relacionadas de Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ha recibido una Fairness Opinion de parte de JP Morgan Securities LLC que considera que la Relaci&#243;n de Cambio es razonable<i> (fair)</i>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo D&#233;cimo.</font></u></b><b> Reforma de Estatuto.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Con motivo de la Fusi&#243;n, Telecom Argentina adecuar&#225; y modificar&#225; sus estatutos de conformidad con el proyecto que se adjunta al presente como Anexo IV. Dicha modificaci&#243;n ser&#225; considerada por los accionistas de Telecom Argentina como un punto especial del orden del d&#237;a de la Asamblea Extraordinaria a ser convocada para la consideraci&#243;n del presente Compromiso y ser&#225; efectiva solo a partir de la Fecha Efectiva de Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Und&#233;cimo.</font></u></b><b> Derechos de Oposici&#243;n. Acuerdo Definitivo de Fusi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Una vez aprobado el presente Compromiso y dem&#225;s documentaci&#243;n de la Fusi&#243;n por las respectivas asambleas de accionistas de ambas Partes, publicado el Aviso y vencidos los plazos correspondientes a los Derechos de Oposici&#243;n de los acreedores, se instrumentar&#225; por escritura p&#250;blica el correspondiente Acuerdo Definitivo de Fusi&#243;n. De conformidad con el Decreto 267/15, el Acuerdo Definitivo de Fusi&#243;n podr&#225; suscribirse <i>ad refer&#233;ndum</i> de las autorizaciones del ENACOM que puedan corresponder. Asimismo, en esa escritura p&#250;blica se consignar&#225;n los datos identificatorios de los inmuebles, rodados y dem&#225;s bienes registrables que sea necesario identificar, como consecuencia de la Fusi&#243;n, se incorporar&#225;n a la Sociedad Absorbente por efecto de la Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimosegundo.</font></u></b><b> Autorizaciones Societarias. Rescisi&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Las Partes declaran que los t&#233;rminos del presente Compromiso, as&#237; como la totalidad de la documentaci&#243;n anexa al presente han sido aprobados por una resoluci&#243;n del Directorio de cada una de ellas.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n acuerda convocar a su respectiva Asamblea Extraordinaria de Accionistas y Telecom Argentina acuerda convocar a su respectiva Asamblea Ordinaria y Extraordinaria de Accionistas dentro de los t&#233;rminos legales aplicables, a ser celebradas el mismo d&#237;a, a fin de considerar la Fusi&#243;n y toda la documentaci&#243;n relacionada de conformidad con las normas aplicables.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Las Partes podr&#225;n ofrecer y aceptar modificaciones a los t&#233;rminos del Compromiso Previo de Fusi&#243;n hasta que se obtenga la correspondiente autorizaci&#243;n asamblearia. En caso que, a pesar de las modificaciones propuestas no se obtuviera la aprobaci&#243;n de alguna de las asambleas dentro de los 6 (seis) meses siguientes a la fecha del presente, cualquiera de las Partes podr&#225; dejar sin efecto el presente Compromiso Previo de Fusi&#243;n. Tambi&#233;n podr&#225; demandarse la rescisi&#243;n del acuerdo de conformidad con el art&#237;culo 87 de la LGS.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimotercero.</font></u></b><b> Administraci&#243;n de los Negocios y Garant&#237;as para el Cumplimiento de una Gesti&#243;n Normal.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Limitaciones en los Negocios. Las Partes acuerdan continuar con el giro ordinario de sus negocios y el curso regular de sus operaciones y no involucrarse en operaciones o actividades extraordinarias que pudieran afectar la valuaci&#243;n de las sociedades o la Relaci&#243;n de Cambio preestablecida, previ&#233;ndose que las sociedades podr&#225;n: (i)&nbsp;distribuir dividendos en efectivo, ya sea en car&#225;cter de dividendos definitivos o anticipados con anterioridad a la Fecha Efectiva de Fusi&#243;n, (ii)&nbsp;emitir obligaciones negociables con o sin oferta p&#250;blica y tomar endeudamiento bancario en los mercados financieros locales o internacionales&#160; siempre que el nivel total de endeudamiento financiero neto de la sociedad que se endeude no supere tres (3)&nbsp;veces el nivel de EBITDA de la sociedad del per&#237;odo de doces meses m&#225;s reciente a la fecha de la determinaci&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A partir de la Fecha Efectiva de Fusi&#243;n la administraci&#243;n y representaci&#243;n de Cablevisi&#243;n quedar&#225; a cargo de los administradores y representantes de Telecom Argentina en los t&#233;rminos del art&#237;culo 84 de la LGS y del estatuto social de Telecom Argentina. Las Partes acordar&#225;n qu&#233; funcionarios llevar&#225;n a cabo todos los actos y firmar&#225;n los documentos que eventualmente resulte necesario que realicen o suscriban en nombre de la Sociedad Absorbida.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Garant&#237;as. Las Partes acuerdan las siguientes garant&#237;as para el cumplimiento de una actividad normal en su gesti&#243;n hasta la Fecha Efectiva de Fusi&#243;n:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Comit&#233; de Supervisi&#243;n</u>. Las Partes acuerdan conformar un Comit&#233; de Supervisi&#243;n integrado por ocho (8)&nbsp;miembros, cuatro (4)&nbsp;designados por Telecom Argentina y cuatro (4)&nbsp;designados por Cablevisi&#243;n, que tendr&#225;n a su cargo la supervisi&#243;n de las actividades de las sociedades a fin de garantizar el cumplimiento del giro ordinario de los negocios y el curso regular de las operaciones de cada sociedad, as&#237; como el cumplimiento de las condiciones de contrataci&#243;n con sus respectivas partes relacionadas. Los miembros de dicho comit&#233; deber&#225;n guardar confidencialidad de cualquier informaci&#243;n a la que tengan acceso de cualquiera de las sociedades y solo deber&#225;n comunicar a los respectivos directorios de las sociedades aquellas situaciones que detecten que pudieran afectar el giro ordinario de los negocios y el curso regular de las operaciones o la Relaci&#243;n de Cambio. Asimismo, los miembros de dicho Comit&#233; podr&#225;n recabar la informaci&#243;n que sea necesaria para confeccionar</p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">el formulario F-1 a presentar ante la Comisi&#243;n Nacional de Defensa de la Competencia de conformidad con las normas aplicables.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transacciones con Partes Relacionadas</font></u>. Las Partes se comprometen a que cualquier transacci&#243;n que realicen o contraten realizar con sus respectivas partes relacionadas ser&#225; realizada en funci&#243;n de dos par&#225;metros: (i)&nbsp;la conveniencia de dicha transacci&#243;n para la respectiva sociedad y, (ii)&nbsp;que sus t&#233;rminos sean &#147;de mercado&#148;. A fines de determinar si una transacci&#243;n es o no &#147;de mercado&#148;, se deber&#225; considerar: (1)&nbsp;si los t&#233;rminos son al menos igual de favorables para la sociedad que para el resto de las contrapartes no relacionadas de la Parte relacionada en la misma materia; (2)&nbsp;si los t&#233;rminos son al menos igual de favorables para la sociedad que los t&#233;rminos ofrecidos por cualquier otro prestador equivalente o razonablemente comparable con la Parte relacionada en cuesti&#243;n; (3)&nbsp;los par&#225;metros &#147;de mercado&#148; existentes, si los hubiera, publicados por c&#225;maras empresariales o publicaciones especializadas; y (4)&nbsp;la determinaci&#243;n que realice un experto independiente designado por los representantes de la sociedad, en caso que lo crean necesario.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimocuarto</font></u></b><b>. Autorizaciones Regulatorias. Conformidades Administrativas y de Bolsas y Mercados de Valores.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Las Partes acuerdan realizar tan pronto como sea posible y siempre dentro de los t&#233;rminos legales, todas las presentaciones que sean necesarias ante entidades regulatorias, administrativas y bolsas y mercados de valores del pa&#237;s y del exterior a fin de llevar adelante y perfeccionar la Fusi&#243;n, incluyendo la Comisi&#243;n Nacional de Valores, la Bolsa de Comercio de Buenos Aires, el BYMA, el ENACOM, la <i>Securities and Exchange Commission</i> de los Estados Unidos de Am&#233;rica, <i>la New York Stock Exchange</i>, Comisi&#243;n Nacional de Defensa de la Competencia y cualquier otra entidad gubernamental o de otro tipo que sea necesaria.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimoquinto</font></u></b><b>. Compromisos Adicionales.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Acuerdo de Asistencia T&#233;cnica</u>. Cablevisi&#243;n se compromete a rescindir el Acuerdo de Asistencia T&#233;cnica antes de la Fecha Efectiva de Fusi&#243;n en t&#233;rminos tales que a la Fecha Efectiva de Fusi&#243;n no existan obligaciones pendientes de pago ni responsabilidades o consecuencias adversas para Cablevisi&#243;n que puedan trasladarse a Telecom Argentina por efecto de la Fusi&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restricciones a la Distribuci&#243;n de Dividendos</u>. (a)&nbsp;Cablevisi&#243;n se compromete a convocar, tan pronto como sea posible despu&#233;s de celebradas las Asambleas Extraordinarias de Telecom Argentina y de Cablevisi&#243;n, a una asamblea de tenedores de Obligaciones Negociables de</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="PB_17_091049_5250"></a></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n para someter a consideraci&#243;n de los mismos la modificaci&#243;n de las restricciones contractuales previstas en los t&#233;rminos y condiciones de emisi&#243;n de sus obligaciones negociables a efectos que, de ser aprobada la modificaci&#243;n, dichas restricciones: (i)&nbsp;no se trasladen a Telecom Argentina respecto de la distribuci&#243;n de la totalidad de las ganancias realizadas y l&#237;quidas de Telecom Argentina generadas o existentes antes de la Fecha de la Fusi&#243;n, y (ii)&nbsp;luego de la Fecha Efectiva de la Fusi&#243;n, solo se apliquen a Telecom Argentina en los mismos t&#233;rminos existentes en las obligaciones financieras de Telecom Argentina; (b)&nbsp;Cablevisi&#243;n se compromete a no incurrir en ninguna restricci&#243;n contractual adicional a las existentes a la distribuci&#243;n de dividendos que pudiera transferirse a Telecom Argentina por efecto de la Fusi&#243;n.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Aspectos Regulatorios</u>. Teniendo en cuenta la restricci&#243;n temporal dispuesta para Telecom Argentina para prestar el Servicio de Televisi&#243;n por Suscripci&#243;n por V&#237;nculo F&#237;sico y/o Radioel&#233;ctrico, la Fecha Efectiva de Fusi&#243;n se supedita entre otras condiciones a la obtenci&#243;n de la Autorizaci&#243;n de ENACOM que es la Autoridad de Aplicaci&#243;n que debe velar por el cumplimiento de lo dispuesto por el Decreto N&#176; 267/2015 y 1340/2016 y las Partes se obligan a realizar sus mejores esfuerzos para obtener dicha autorizaci&#243;n.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Art&#237;culo Decimosexto</font></u></b><b>. Ley Aplicable y Jurisdicci&#243;n.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">El presente Compromiso Previo de Fusi&#243;n se rige por la legislaci&#243;n argentina. Las disputas que pudieran suscitarse como consecuencia de la aplicaci&#243;n o cumplimiento del presente ser&#225; sometido a la jurisdicci&#243;n de los Tribunales Ordinarios en lo Comercial de la Ciudad de Buenos Aires con renuncia expresa a todo otro fuero o jurisdicci&#243;n.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">En prueba de conformidad se firman seis (6)&nbsp;ejemplares de un mismo y &#250;nico tenor, uno para cada una de las Partes y los cuatro (4)&nbsp;restantes para su presentaci&#243;n ante la Comisi&#243;n Nacional de Valores, la Bolsa de Comercio de Buenos Aires, la Comisi&#243;n Nacional de Defensa de la Competencia y el ENACOM, respectivamente.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Por Telecom Argentina S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Mariano M. Ib&#225;&#241;ez</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano M. Ib&#225;&#241;ez - Presidente</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alejandro A. Urricelqui</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANEXOS AL COMPROMISO PREVIO DE FUSI&#211;N:</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexos I (A)&nbsp;y I (B)</font></u>: Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina y Cablevisi&#243;n al 31 de marzo de 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo II:</font></u> Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo III:</font></u> Mecanismo de c&#225;lculo de la Relaci&#243;n de Cambio.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo I</font></u><u>V</u>: Proyecto de reforma de los Estatutos de Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anexo V</font></u>: Transacciones con Partes Relacionadas de Cablevisi&#243;n.</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexos I (A)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Estados Financieros Individuales Especiales de Fusi&#243;n de Telecom Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">al 31 de marzo de 2017</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="PB_20_214316_5335"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexos I (B)</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Estados Financieros Individuales Especiales de Fusi&#243;n de Cablevisi&#243;n</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">al 31 de marzo de 2017</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_214316_5796"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo II:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Estados Financieros Consolidados Especiales de Fusi&#243;n al 31 de marzo de 2017.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="PB_22_214316_2897"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo III:</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Mecanismo de c&#225;lculo de la Relaci&#243;n de Cambio.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones de Telecon Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969.159.605</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participaci&#243;n T.   Argentina en el combinado</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:-.5pt;">Nueva cantidad de acciones total</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:-.5pt;">2.153.688.011</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones a   entregar a Cablevision S.A.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.184.528.406</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acciones de   Cablevisi&#243;n</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120.000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Relacion   de cambio: acciones de Telecom Argentina por cada acci&#243;n de Cablevision</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.871,07005</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   Referencia de Telecom Argentina S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.000.000.000</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cantidad de   Acciones de Telecom Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969.159.605</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   referencia por acci&#243;n de Telecom (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,16</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   Referencia de Cablevisi&#243;n S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.111.111.111</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cantidad de   acciones de Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120.000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.5%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valor de   referencia por acci&#243;n de Cablevisi&#243;n S.A. (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50.925,93</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;No incluye 15.221.373 de acciones propias en cartera</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;Determinado al solo efecto de ajustar la relaci&#243;n de cambio</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="PB_23_214316_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo IV</font></u></b><b>:</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proyecto de reforma de los Estatutos de Telecom Argentina</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="PB_24_214316_7748"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Anexo IV</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">PROYECTO DE REFORMA DEL ESTATUTO SOCIAL</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">DE TELECOM ARGENTINA S.A.</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">A continuaci&#243;n se describen las modificaciones propuestas al Estatuto de Telecom Argentina que ser&#225;n puestas a consideraci&#243;n de la Asamblea General Ordinaria y Extraordinaria de Accionistas de Telecom Argentina a celebrarse el 31 de agosto de 2017.&#160; La exposici&#243;n se realiza a dos columnas para resaltar las modificaciones propuestas respecto del texto actual del Estatuto.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">El Proyecto de Reforma que se expone a continuaci&#243;n est&#225; sujeto a la aprobaci&#243;n de la Asamblea General Ordinaria y Extraordinaria de Accionistas de Telecom Argentina a celebrarse el 31 de agosto de 2017 y a la revisi&#243;n y la conformidad administrativa de la Comisi&#243;n Nacional de Valores la cual no se ha expedido hasta el momento y de cualquier otro organismo regulatorio que deba expedirse al respecto.</font></i></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TEXTO&nbsp;ACTUAL&nbsp;DEL&nbsp;ESTATUTO</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROYECTO&nbsp;DE&nbsp;MODIFICACI&#211;N</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="48%" valign="bottom" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Primero</font></u></i></b><i>: Con la denominaci&#243;n de &#147;TELECOM ARGENTINA S.A.&#148; contin&#250;a   funcionando la sociedad constitu&#237;da bajo el nombre de &#147;Sociedad Licenciataria   Norte Sociedad An&#243;nima&#148;, que posteriormente cambi&#243; su denominaci&#243;n social por   &#147;Telecom Argentina Stet-France Telecom S.A.&#148;, y tiene su domicilio legal en   la Ciudad de Buenos Aires.</i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Primero</font></u></i></b><i>: Con la denominaci&#243;n de &#147;TELECOM ARGENTINA S.A.&#148; contin&#250;a   funcionando la sociedad constitu&#237;da bajo el nombre de &#147;Sociedad Licenciataria   Norte Sociedad An&#243;nima&#148;, que posteriormente cambi&#243; su denominaci&#243;n social por   &#147;Telecom Argentina Stet-France Telecom S.A.&#148;, y tiene su domicilio legal en   la Ciudad de Buenos Aires.</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">De conformidad con lo resuelto por la Asamblea   Ordinaria y Extraordinaria de Accionistas celebrada el 30 de abril de 2003,   es una &#147;Sociedad No Adherida al R&#233;gimen Estatutario Optativo de Oferta   P&#250;blica de Adquisici&#243;n Obligatoria&#148;.</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El domicilio de la sociedad no podr&#225; ser   trasladado fuera de la Rep&#250;blica Argentina sin la autorizaci&#243;n previa de la   autoridad competente o de la autoridad que en el futuro la reemplace.</font></i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El domicilio de la sociedad no podr&#225; ser   trasladado fuera de la Rep&#250;blica Argentina sin la autorizaci&#243;n previa de la   autoridad competente o de la autoridad que en el futuro la reemplace.</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">25<a name="PB_25_221159_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Cuarto:</font></u></i></b><i> En nota a los Estados Contables de la Sociedad figura la evoluci&#243;n   del capital conforme resulta de los aumentos inscriptos en el Registro   P&#250;blico de Comercio. En dicha nota se informa la evoluci&#243;n del capital   correspondiente a los tres (3)&nbsp;&#250;ltimos ejercicios sociales, su   integraci&#243;n, y el monto del capital autorizado a la oferta p&#250;blica.</i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Cuarto:</font></u></i></b><i> En nota a los Estados Contables de la Sociedad figura la evoluci&#243;n   del capital conforme resulta de los aumentos inscriptos en el Registro   P&#250;blico de Comercio. En dicha nota se informa la evoluci&#243;n del capital   correspondiente a los tres (3)&nbsp;&#250;ltimos ejercicios sociales, su   integraci&#243;n, y el monto del capital autorizado a la oferta p&#250;blica.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El capital social est&#225; representado por acciones   Clases &#147;A&#148;; &#147;B&#148; y &#147;C&#148;, todas ellas ordinarias, escriturales, de UN PESO valor   nominal cada una y un voto por acci&#243;n.</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El capital social est&#225; representado por acciones   Clases &#147;A&#148;; &#147;B&#148;, &#147;C&#148; y &#147;D&#148;, todas ellas ordinarias, escriturales, de UN PESO   valor nominal cada una y un voto por acci&#243;n.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Mientras la Clase &#147;A&#148; represente al menos el 15%   del capital social ordinario de la Sociedad, se requerir&#225; la aprobaci&#243;n de   una asamblea especial de la Clase &#147;A&#148; para tomar cualquier resoluci&#243;n   asamblearia respecto de una Cuesti&#243;n de Mayor&#237;a Especial listada en el   art&#237;culo D&#233;cimo del presente estatuto, previ&#233;ndose que para que sea necesaria   la aprobaci&#243;n previa de una asamblea especial de la Clase &#147;A&#148; respecto de la   Cuesti&#243;n de Mayor&#237;a Especial listada en el inciso (xxiii)&nbsp;del art&#237;culo   D&#233;cimo (aprobaci&#243;n del Plan de Negocios y Presupuesto Anual), la Clase &#147;A&#148;   deber&#225; representar al menos el 20% del capital social ordinario de la   Sociedad. Asimismo, mientras la Clase &#147;D&#148; represente al menos el 15% del   capital social ordinario de la Sociedad, se requerir&#225; la aprobaci&#243;n de una   asamblea especial de la Clase &#147;D&#148; para tomar cualquier resoluci&#243;n asamblearia   respecto de una Cuesti&#243;n de Mayor&#237;a Especial listada en el art&#237;culo D&#233;cimo   del presente estatuto, previ&#233;ndose que para que sea necesaria la aprobaci&#243;n   previa de una asamblea especial de la Clase &#147;D&#148; respecto de la Cuesti&#243;n de   Mayor&#237;a Especial listada en el inciso (xxiii)&nbsp;del art&#237;culo D&#233;cimo   (aprobaci&#243;n del Plan de Negocios y Presupuesto Anual), la Clase &#147;D&#148; deber&#225;   representar al menos el 20% del capital social ordinario de la Sociedad.   Dichas asambleas especiales se regir&#225;n por el art&#237;culo 250 de la Ley 19.550.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Las acciones ordinarias Clase &#147;A&#148;; Clase &#147;B&#148; y   Clase &#147;C&#148; podr&#225;n convertirse en acciones ordinarias de otra Clase con iguales   derechos pol&#237;ticos y patrimoniales, a raz&#243;n de una por una, en cualquier   momento, a pedido del titular de la o las acciones ordinarias que desea su   conversi&#243;n en otra clase, mediante comunicaci&#243;n dirigida al Directorio. A   estos efectos, regir&#225; el siguiente procedimiento: (i)&nbsp;el accionista   titular dirigir&#225; al Directorio una nota en la cual conste en el caso de   personas f&#237;sicas, su nombre y apellido, documento de identidad, domicilio   real y constituido y, en el caso de personas jur&#237;dicas, su raz&#243;n social completa,   domicilio social y constituido, y en ambos casos, de corresponder, su clave   &#250;nica de identificaci&#243;n tributaria, y la cantidad de acciones ordinarias de   Clase &#147;A&#148;, Clase &#147;B&#148; o Clase &#147;C&#148;, seg&#250;n sea el caso, de su propiedad a ese   momento, la cantidad de acciones que quiere convertir y el saldo de acciones   ordinarias de esa Clase que tendr&#237;a al final de la operaci&#243;n de conversi&#243;n.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Las acciones ordinarias Clase &#147;A&#148;, &#147;C&#148; y &#147;D&#148;   podr&#225;n convertirse en acciones ordinarias Clase &#147;B&#148; con iguales derechos   pol&#237;ticos y patrimoniales, a raz&#243;n de una por una, en cualquier momento, a   pedido del titular de la o las acciones ordinarias que desea su conversi&#243;n en   otra clase, mediante comunicaci&#243;n dirigida al Directorio. A estos efectos,   regir&#225; el siguiente procedimiento: (i)&nbsp;el accionista titular dirigir&#225; al   Directorio una nota en la cual conste en el caso de personas f&#237;sicas, su   nombre y apellido, documento de identidad, domicilio real y constituido y, en   el caso de personas jur&#237;dicas, su raz&#243;n social completa, domicilio social y   constituido, y en ambos casos, de corresponder, su clave &#250;nica de   identificaci&#243;n tributaria, y la cantidad de acciones ordinarias de la Clase   de su propiedad a ese momento, la cantidad de acciones que quiere convertir y   el saldo de acciones ordinarias de esa Clase que tendr&#237;a al final de la   operaci&#243;n de conversi&#243;n.</font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">26<a name="PB_26_221159_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La solicitud ser&#225; firmada por el accionista   titular o su representante autorizado con certificaci&#243;n notarial o bancaria.   Tal solicitud revestir&#225; el car&#225;cter de una instrucci&#243;n irrevocable para que   el Directorio siga el procedimiento establecido en este Art&#237;culo Cuarto hasta   el canje de las acciones, que ser&#225; definitivo; (ii)&nbsp;dicha solicitud   quedar&#225; pendiente si es presentada una vez que se haya publicado una   convocatoria a asamblea de accionistas de la Sociedad, supuesto en el cual se   la considerar&#225; con posterioridad a dicha asamblea; (iii)&nbsp;el Directorio   en la primera reuni&#243;n que celebre despu&#233;s de recibida la solicitud de   conversi&#243;n, resolver&#225; la misma y comunicar&#225; la nueva composici&#243;n del capital   social a la autoridad de contralor pertinente; (iv)&nbsp;el Directorio   proceder&#225; de inmediato a requerir el bloqueo de las acciones a Caja de   Valores S.A. que tiene a su cargo el Registro de Acciones y comunicar&#225; la   conversi&#243;n a la Comisi&#243;n Nacional de Valores (&#147;CNV&#148;) y a la Bolsa de Comercio   de Buenos Aires (&#147;BCBA&#148;) para que otorguen la autorizaci&#243;n de transferencia   de oferta p&#250;blica y de listado, respectivamente; y (v)&nbsp;Obtenidas las   autorizaciones, Caja de Valores S.A. proceder&#225; a registrar la conversi&#243;n de   las acciones en el Registro a su cargo.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La solicitud ser&#225; firmada por el accionista   titular o su representante autorizado con certificaci&#243;n notarial o bancaria.   Tal solicitud revestir&#225; el car&#225;cter de una instrucci&#243;n irrevocable para que   el Directorio siga el procedimiento establecido en este Art&#237;culo Cuarto hasta   el canje de las acciones, que ser&#225; definitivo; (ii)&nbsp;dicha solicitud   quedar&#225; pendiente si es presentada una vez que se haya publicado una   convocatoria a asamblea de accionistas de la Sociedad, supuesto en el cual se   la considerar&#225; con posterioridad a dicha asamblea; (iii)&nbsp;el Directorio   en la primera reuni&#243;n que celebre despu&#233;s de recibida la solicitud de conversi&#243;n,   resolver&#225; la misma y comunicar&#225; la nueva composici&#243;n del capital social a la   autoridad de contralor pertinente; (iv)&nbsp;el Directorio proceder&#225; de   inmediato a requerir el bloqueo de las acciones a Caja de Valores S.A. que   tiene a su cargo el Registro de Acciones y comunicar&#225; la conversi&#243;n a la   Comisi&#243;n Nacional de Valores (&#147;CNV&#148;) y a la Bolsa de Comercio de Buenos Aires   (&#147;BCBA&#148;) para que otorguen la autorizaci&#243;n de transferencia de oferta p&#250;blica   y de listado, respectivamente; y (v)&nbsp;Obtenidas las autorizaciones, Caja   de Valores S.A. proceder&#225; a registrar la conversi&#243;n de las acciones en el   Registro a su cargo. (ESTA COMPARACI&#211;N SE EFECTUA RESPECTO DEL TEXTO DEL   ART&#205;CULO CUARTO DEL ESTATUTO MODIFICADO POR LA ASAMBLEA GRAL. ORDINARIA Y   EXTRAORDINARIA DEL 23/05/2017 QUE SE ENCUENTRA EN TRAMITE DE INSCRIPCI&#211;N   REGISTRAL).</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Quinto:</font></u></i></b><i> Las acciones ordinarias que en el futuro se emitan ser&#225;n acciones   escriturales Clases &#147;A&#148;, &#147;B&#148; y &#147;C&#148;, de iguales caracter&#237;sticas a las ya   establecidas y de acuerdo con las leyes y reglamentaciones vigentes. En toda   emisi&#243;n de acciones ordinarias se respetar&#225; la proporci&#243;n entre las acciones   Clases &#147;A&#148;, &#147;B&#148; y &#147;C&#148; existente al momento en que se celebre la Asamblea que   as&#237; lo disponga, salvo que la misma Asamblea resuelva proceder de acuerdo con   el segundo p&#225;rrafo del art&#237;culo 194 de la Ley 19.550. La Asamblea tambi&#233;n   podr&#225; decidir la emisi&#243;n de acciones preferidas escriturales. Las acciones   preferidas tendr&#225;n derecho a un dividendo de pago preferente, de car&#225;cter   acumulativo o no, conforme a las condiciones de su emisi&#243;n, y podr&#225; tambi&#233;n   fij&#225;rseles una participaci&#243;n adicional en las ganancias y/o establecerse la   posibilidad de su rescate anticipado a opci&#243;n de la sociedad y en las   condiciones que se establezcan en su emisi&#243;n.</i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Quinto</font></u></i></b><i><u style="font-style:italic;">:</u> Las acciones ordinarias que en el   futuro se emitan ser&#225;n acciones escriturales Clases &#147;A&#148;, &#147;B&#148;, &#147;C&#148; o &#147;D&#148;, de   iguales caracter&#237;sticas a las ya establecidas y de acuerdo con las leyes y   reglamentaciones vigentes. En toda emisi&#243;n de acciones ordinarias se   respetar&#225; la proporci&#243;n entre las acciones Clases &#147;A&#148;, &#147;B&#148;, &#147;C&#148; y &#147;D&#148;   existente al momento en que se celebre la Asamblea que as&#237; lo disponga, salvo   que la misma Asamblea resuelva proceder de acuerdo con el segundo p&#225;rrafo del   art&#237;culo 194 de la Ley 19.550. La Asamblea tambi&#233;n podr&#225; decidir la emisi&#243;n   de acciones preferidas escriturales. Las acciones preferidas podr&#225;n tener   derecho a un dividendo de pago preferente, de car&#225;cter acumulativo o no,   conforme a las condiciones de su emisi&#243;n, y podr&#225; tambi&#233;n fij&#225;rseles una   participaci&#243;n adicional en las ganancias y/o establecerse la posibilidad de   su rescate anticipado a opci&#243;n de la sociedad y en las condiciones que se   establezcan en su emisi&#243;n.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La Asamblea Extraordinaria podr&#225; decidir la   emisi&#243;n de bonos de goce de conformidad con el art&#237;culo 228 de la Ley 19.550   y las previsiones del presente estatuto los que tendr&#225;n los derechos que se   les asigne en el presente y en sus t&#233;rminos y condiciones de emisi&#243;n. La   Asamblea Extraordinaria tambi&#233;n podr&#225; decidir la amortizaci&#243;n total o parcial   de acciones integradas de conformidad con el art&#237;culo 223 de la Ley 19.550 y,   en caso de amortizaci&#243;n total de acciones, se emitir&#225;n bonos de goce a favor   de los titulares de acciones totalmente amortizadas en cumplimiento con lo   dispuesto en el art&#237;culo 228 de la Ley 19.550 y las disposiciones del   presente estatuto. En caso que la amortizaci&#243;n de acciones se haga con el   consentimiento del</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La Asamblea Extraordinaria podr&#225; decidir la   emisi&#243;n de bonos de goce de conformidad con el art&#237;culo 228 de la Ley 19.550   y las previsiones del presente estatuto los que tendr&#225;n los derechos que se   les asigne en el presente y en sus t&#233;rminos y condiciones de emisi&#243;n. La   Asamblea Extraordinaria tambi&#233;n podr&#225; decidir la amortizaci&#243;n total o parcial   de acciones integradas de conformidad con el art&#237;culo 223 de la Ley 19.550 y,   en caso de amortizaci&#243;n total de acciones, se emitir&#225;n bonos de goce a favor   de los titulares de acciones totalmente amortizadas en cumplimiento con lo   dispuesto en el art&#237;culo 228 de la Ley 19.550 y las disposiciones del   presente estatuto. En caso que la amortizaci&#243;n de acciones se haga con el</font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">27<a name="PB_27_221159_5796"></a></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">titular de las acciones que se amortizan no ser&#225;   necesario realizarla por sorteo o en forma proporcional entre todos los   accionistas, siempre que se respete el principio de tratamiento igualitario   de todos los accionistas. Asimismo, en caso que la Asamblea Extraordinaria   decida la creaci&#243;n de una reserva indisponible con ganancias realizadas y   l&#237;quidas por un monto igual al valor nominal de las acciones que se cancelan,   la Asamblea Extraordinaria podr&#225; decidir que no es necesaria una reducci&#243;n de   capital y que las acciones no canceladas aumenten su valor nominal a efectos   de representar por s&#237; mismas el total del capital social. La Asamblea   Extraordinaria fijar&#225; los t&#233;rminos y condiciones de emisi&#243;n de los bonos de   goce que decida emitir, pudiendo fijarles un monto m&#225;ximo de dividendos a   cobrar durante su plazo de duraci&#243;n, el plazo de duraci&#243;n de dichos bonos de   goce y los t&#233;rminos y condiciones de pago de dichos dividendos, incluyendo la   moneda de pago de los mismos y las protecciones que pueda fijar la asamblea   para el cobro de dichos dividendos en la moneda establecida, pudiendo ser un   dividendo fijo o variable, un dividendo eventual o contingente a la   producci&#243;n de cualquier evento que determine la asamblea, o cualquier   combinaci&#243;n de esos elementos, con o sin preferencia o prelaci&#243;n respecto del   derecho a dividendos a cobrar por una o m&#225;s clases de acciones de la   Sociedad. Los bonos de goce se podr&#225;n emitir en forma cartular o escritural y   ser&#225;n nominativos no endosables. La Sociedad llevar&#225; el registro de la   titularidad de dichos bonos de goce y de los pagos de dividendos efectuados a   dichos bonos de goce. Los bonos de goce podr&#225;n ser rescatables, total o   parcialmente, exclusivamente a opci&#243;n de la Sociedad y en los t&#233;rminos y   condiciones que fije al efecto la Asamblea Extraordinaria. La Asamblea   Extraordinaria tambi&#233;n fijar&#225; el derecho que pueda corresponder a cada clase   de bonos de goce en el producido de la liquidaci&#243;n de la Sociedad, pudiendo   tener preferencia o prelaci&#243;n respecto de una o m&#225;s clases de acciones de la   Sociedad en la participaci&#243;n en dicho producido una vez que sea reembolsado   el valor nominal de dicha clase o clases de acciones. Una vez cobrado el   dividendo al que los bonos de goce tengan derecho no otorgar&#225;n derecho a   participar en ning&#250;n otro pago o distribuci&#243;n que realice la Sociedad, sea   durante el devenir normal de la Sociedad o en su liquidaci&#243;n. En caso de disoluci&#243;n   sin liquidaci&#243;n de la Sociedad al ser absorbida por otra que resulte su   continuadora, y en raz&#243;n de no haber liquidaci&#243;n de la Sociedad, los bonos de   goce no tendr&#225;n derecho a ninguna distribuci&#243;n, dividendo por disoluci&#243;n o   concepto similar, sin perjuicio de los derechos a cobrar dividendos de   acuerdo a sus t&#233;rminos y condiciones de emisi&#243;n. La Asamblea Extraordinaria   que decida la amortizaci&#243;n de acciones y la emisi&#243;n de bonos de goce en los   t&#233;rminos del art&#237;culo 228 de la Ley 19.550, podr&#225; delegar en el Directorio la   emisi&#243;n de cualquier clase de bonos de goce en los t&#233;rminos y condiciones que   fije al efecto. Ni los bonos de goce ni sus titulares tendr&#225;n derecho de   preferencia o acrecer ni derecho a la suscripci&#243;n de nuevas acciones de   cualquier clase o de cualquier clase de bonos de goce o participaci&#243;n.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">consentimiento del titular de las acciones que se   amortizan no ser&#225; necesario realizarla por sorteo o en forma proporcional   entre todos los accionistas, siempre que se respete el principio de tratamiento   igualitario de todos los accionistas. Asimismo, en caso que la Asamblea   Extraordinaria decida la creaci&#243;n de una reserva indisponible con ganancias   realizadas y l&#237;quidas por un monto igual al valor nominal de las acciones que   se cancelan, la Asamblea Extraordinaria podr&#225; decidir que no es necesaria una   reducci&#243;n de capital y que las acciones no canceladas aumenten su valor   nominal a efectos de representar por s&#237; mismas el total del capital social.   La Asamblea Extraordinaria fijar&#225; los t&#233;rminos y condiciones de emisi&#243;n de   los bonos de goce que decida emitir, pudiendo fijarles un monto m&#225;ximo de   dividendos a cobrar durante su plazo de duraci&#243;n, el plazo de duraci&#243;n de   dichos bonos de goce y los t&#233;rminos y condiciones de pago de dichos   dividendos, incluyendo la moneda de pago de los mismos y las protecciones que   pueda fijar la asamblea para el cobro de dichos dividendos en la moneda   establecida, pudiendo ser un dividendo fijo o variable, un dividendo eventual   o contingente a la producci&#243;n de cualquier evento que determine la asamblea,   o cualquier combinaci&#243;n de esos elementos, con o sin preferencia o prelaci&#243;n   respecto del derecho a dividendos a cobrar por una o m&#225;s clases de acciones   de la Sociedad. Los bonos de goce se podr&#225;n emitir en forma cartular o   escritural y ser&#225;n nominativos no endosables. La Sociedad llevar&#225; el registro   de la titularidad de dichos bonos de goce y de los pagos de dividendos   efectuados a dichos bonos de goce. Los bonos de goce podr&#225;n ser rescatables,   total o parcialmente, exclusivamente a opci&#243;n de la Sociedad y en los   t&#233;rminos y condiciones que fije al efecto la Asamblea Extraordinaria. La   Asamblea Extraordinaria tambi&#233;n fijar&#225; el derecho que pueda corresponder a   cada clase de bonos de goce en el producido de la liquidaci&#243;n de la Sociedad,   pudiendo tener preferencia o prelaci&#243;n respecto de una o m&#225;s clases de   acciones de la Sociedad en la participaci&#243;n en dicho producido una vez que   sea reembolsado el valor nominal de dicha clase o clases de acciones. Una vez   cobrado el dividendo al que los bonos de goce tengan derecho no otorgar&#225;n   derecho a participar en ning&#250;n otro pago o distribuci&#243;n que realice la   Sociedad, sea durante el devenir normal de la Sociedad o en su liquidaci&#243;n.   En caso de disoluci&#243;n sin liquidaci&#243;n de la Sociedad al ser absorbida por   otra que resulte su continuadora, y en raz&#243;n de no haber liquidaci&#243;n de la   Sociedad, los bonos de goce no tendr&#225;n derecho a ninguna distribuci&#243;n,   dividendo por disoluci&#243;n o concepto similar, sin perjuicio de los derechos a   cobrar dividendos de acuerdo a sus t&#233;rminos y condiciones de emisi&#243;n. La   Asamblea Extraordinaria que decida la amortizaci&#243;n de acciones y la emisi&#243;n   de bonos de goce en los t&#233;rminos del art&#237;culo 228 de la Ley 19.550, podr&#225;   delegar en el Directorio la emisi&#243;n de cualquier clase de bonos de goce en   los t&#233;rminos y condiciones que fije al efecto. Ni los bonos de goce ni sus   titulares tendr&#225;n derecho de preferencia o acrecer ni derecho a la   suscripci&#243;n de nuevas acciones de cualquier clase o de cualquier clase de   bonos de goce o participaci&#243;n. (ESTA COMPARACI&#211;N SE EFECTUA RESPECTO DEL   TEXTO DEL ART&#205;CULO QUINTO DEL ESTATUTO MODIFICADO POR LA ASAMBLEA GRAL.   ORDINARIA Y EXTRAORDINARIA DEL 23/05/2017 QUE SE ENCUENTRA EN TRAMITE DE   INSCRIPCI&#211;N REGISTRAL).</font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">28<a name="PB_28_221159_2897"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo S&#233;ptimo:</font></u></i></b><i> En caso de mora en la integraci&#243;n del capital, el Directorio podr&#225;   optar entre: a) disponer que los derechos de suscripci&#243;n correspondientes a   las acciones en mora sean vendidos en remate p&#250;blico, siendo de cuenta del   suscriptor moroso los gastos de remate y los intereses moratorios, sin   perjuicio de su responsabilidad por los da&#241;os; b) declarar la caducidad de   dichos derechos de suscripci&#243;n, en cuyo caso la sanci&#243;n producir&#225; sus efectos   previa intimaci&#243;n a integrar en un plazo no mayor de 30 d&#237;as, con p&#233;rdida de   las sumas abonadas; o c) exigir el cumplimiento del contrato de suscripci&#243;n   con la indemnizaci&#243;n de da&#241;os y perjuicios que corresponda.</i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo S&#233;ptimo</font></u></i></b><i><u style="font-style:italic;">:</u> En caso de mora en la integraci&#243;n   del capital, el Directorio podr&#225; optar entre: a) disponer que los derechos de   suscripci&#243;n correspondientes a las acciones en mora sean vendidos en remate   p&#250;blico, o por medio de un agente debidamente registrado conforme a la Ley   26.831, y sus modificatorias, si se tratare de acciones listadas, siendo de   cuenta del suscriptor moroso los gastos de remate o venta por medio de dicho   agente registrado y los intereses moratorios, sin perjuicio de su   responsabilidad por los da&#241;os; b) declarar la caducidad de dichos derechos de   suscripci&#243;n, en cuyo caso la sanci&#243;n producir&#225; sus efectos previa intimaci&#243;n   a integrar en un plazo no mayor de 30 d&#237;as, con p&#233;rdida de las sumas   abonadas; o c) exigir el cumplimiento del contrato de suscripci&#243;n con la   indemnizaci&#243;n de da&#241;os y perjuicios que corresponda.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Octavo</font></u></i></b><i><u style="font-style:italic;">:</u> El derecho de preferencia en la   suscripci&#243;n de nuevas emisiones de acciones ordinarias se regir&#225; por el   art&#237;culo 194 de la Ley 19.550. En el caso de una emisi&#243;n de acciones que se   divida en las tres clases previstas en el art&#237;culo cuarto de este estatuto el   derecho de acrecer se entender&#225; limitado a las acciones no suscriptas de la   respectiva clase. Si una vez ejercido el derecho de acrecer dentro de las   Clases &#147;B&#148; y &#147;C&#148; hubiese un remanente, el mismo podr&#225; ser suscripto por los   accionistas de las tres clases indistintamente, en proporci&#243;n a las acciones   que hubiesen suscripto en esa oportunidad. &#218;nicamente si existiese un   remanente despu&#233;s del ejercicio de las preferencias antes mencionadas, podr&#225;   ser ofrecida a terceros.</i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo Octavo</font></u></i></b><i><u style="font-style:italic;">:</u> El derecho de preferencia en la   suscripci&#243;n de nuevas emisiones de acciones ordinarias se regir&#225; por el   art&#237;culo 194 de la Ley 19.550. En el caso de una emisi&#243;n de acciones que se   divida en las cuatro clases previstas en el art&#237;culo cuarto de este estatuto   el derecho de acrecer se entender&#225; limitado a las acciones no suscriptas de   la respectiva clase. Si una vez ejercido el derecho de acrecer dentro de las   Clases &#147;B&#148; y &#147;C&#148; hubiese un remanente, el mismo podr&#225; ser suscripto por los   accionistas de las otras clases indistintamente, en proporci&#243;n a las acciones   que hubiesen suscripto en esa oportunidad. &#218;nicamente si existiese un   remanente despu&#233;s del ejercicio de las preferencias antes mencionadas, podr&#225;   ser ofrecida a terceros.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo</font></u>:</i></b><i> La direcci&#243;n y administraci&#243;n de la sociedad est&#225; a cargo de un   Directorio compuesto del n&#250;mero de miembros que fije la Asamblea entre un   m&#237;nimo de tres y un m&#225;ximo de once, con mandato por tres ejercicios.</i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo</font></u></i></b><i>: La direcci&#243;n y administraci&#243;n de la sociedad est&#225; a cargo de un   Directorio compuesto del n&#250;mero de miembros que fije la Asamblea entre un   m&#237;nimo de once y un m&#225;ximo de diecisiete miembros, con mandato por tres   ejercicios.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">&nbsp;</font></i></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La Asamblea debe designar suplentes en igual o   menor n&#250;mero que los titulares y por el mismo plazo con el fin de llenar las   vacantes que se produjeran, seg&#250;n el orden o m&#233;todo que fije la Asamblea,   todo ello sin perjuicio de lo previsto en el art&#237;culo 11&#176; del presente. Los   Directores, en su primera sesi&#243;n, deber&#225;n designar a un Presidente y un   Vicepresidente. El Vicepresidente reemplazar&#225; al Presidente en caso de   ausencia o impedimento. Las reuniones de Directorio se celebrar&#225;n una vez   cada tres meses y cada vez que el Directorio as&#237; lo determine. La   convocatoria a reuni&#243;n de Directorio deber&#225; realizarse con una antelaci&#243;n no   menor de 12 d&#237;as corridos para el tratamiento de asuntos ordinarios y con una   antelaci&#243;n no menor de 3 d&#237;as corridos para temas de urgencia. A tal fin el   Presidente o el Vicepresidente en caso que lo sustituya,deber&#225; cursar   notificaci&#243;n a los miembros del Directorio en el domicilio especial por carta   certificada con aviso de recepci&#243;n o por cualquier otro medio fehaciente,   inclusive por telex. En dicha notificaci&#243;n se deber&#225; consignar la fecha, hora,   lugar de celebraci&#243;n y orden del d&#237;a a considerar. Esta convocatoria no ser&#225;   necesaria si est&#225;n presentes la totalidad de los miembros</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La Asamblea debe designar suplentes en igual o   menor n&#250;mero que los titulares y por el mismo plazo con el fin de llenar las   vacantes que se produjeran, seg&#250;n el orden o m&#233;todo que fije la Asamblea,   todo ello sin perjuicio de lo previsto en el art&#237;culo 11&#176; del presente. Los   Directores, en su primera sesi&#243;n, deber&#225;n designar a un Presidente y un   Vicepresidente. El Vicepresidente reemplazar&#225; al Presidente en caso de   ausencia o impedimento. Las reuniones de Directorio se celebrar&#225;n una vez   cada tres meses y cada vez que el Directorio as&#237; lo determine. La   convocatoria a reuni&#243;n de Directorio deber&#225; realizarse con una antelaci&#243;n no   menor de 12 d&#237;as corridos para el tratamiento de asuntos ordinarios y con una   antelaci&#243;n no menor de 3 d&#237;as corridos para temas de urgencia. A tal fin el   Presidente o el Vicepresidente, en caso que lo sustituya, deber&#225; cursar   notificaci&#243;n a los miembros del Directorio en el domicilio especial por carta   certificada con aviso de recepci&#243;n o por cualquier otro medio fehaciente,   inclusive por telex. En dicha notificaci&#243;n se deber&#225; consignar la fecha,   hora, lugar de celebraci&#243;n y orden del d&#237;a a considerar. Esta convocatoria no   ser&#225; necesaria si est&#225;n presentes la totalidad de los</font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">29<a name="PB_29_221159_3020"></a></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">del Directorio.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">miembros del Directorio.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El Directorio funciona con la presencia de la   mayor&#237;a absoluta de sus miembros y resuelve por mayor&#237;a de votos presentes.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El Directorio funciona con la presencia de la   mayor&#237;a absoluta de sus miembros y resuelve por mayor&#237;a de votos presentes,   previ&#233;ndose que para aprobar las Cuestiones de Mayor&#237;a Especial que se listan   m&#225;s abajo ser&#225; tambi&#233;n necesario: (a)&nbsp;el voto afirmativo de al menos un   director electo por la asamblea general a propuesta de la Clase A ; y   (b)&nbsp;el voto afirmativo de al menos un director electo por la asamblea   general a propuesta de la Clase D..</font></i><br><br></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">En caso de empate, el Presidente tendr&#225; doble   voto.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">En el supuesto que ninguno de los directores   electos a propuesta de la Clase &#147;A&#148; de acciones o ninguno de los directores   electos a propuesta de la Clase &#147;D&#148; de acciones concurriesen a la reuni&#243;n de   directorio debidamente convocada y el orden del d&#237;a incluyese alguna Cuesti&#243;n   Sujeta a Mayor&#237;a Especial, el Directorio no tratar&#225; ni adoptar&#225; dichas   decisiones y proceder&#225; a convocar, en los t&#233;rminos y plazos establecidos   precedentemente, una nueva reuni&#243;n de Directorio para considerar dichos   puntos del orden del d&#237;a.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El Vicepresidente NO tendr&#225; voto de desempate   cuando sustituya por cualquier causa al Presidente. El Directorio tambi&#233;n   podr&#225; celebrar sus reuniones con sus miembros comunicados entre s&#237; mediante   videoteleconferencia, comput&#225;ndose a los efectos del qu&#243;rum tanto los   directores presentes como los que participen a distancia. Las actas de estas   reuniones ser&#225;n confeccionadas y firmadas dentro los cinco (5)&nbsp;d&#237;as de   celebrada la reuni&#243;n por los directores y s&#237;ndicos presentes. Los miembros de   la Comisi&#243;n Fiscalizadora deber&#225;n dejar expresa constancia en el acta de los   nombres de los directores que han participado a distancia y de la regularidad   de las decisiones adoptadas en el curso de la reuni&#243;n. El acta consignar&#225; las   manifestaciones tanto de los directores presentes como de los que participen   a distancia y sus votos con relaci&#243;n a cada resoluci&#243;n adoptada. La Asamblea   fija la remuneraci&#243;n del Directorio. El Directorio podr&#225; designar a los   Gerentes Generales, as&#237; como a gerentes especiales, en los t&#233;rminos del   art&#237;culo 270 de la Ley 19.550, quienes podr&#225;n ser o no Directores de la   Sociedad.</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">En caso de empate, el Presidente tendr&#225; doble   voto para cuestiones que no califiquen como Cuestiones de Mayor&#237;a Especial.</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">El Vicepresidente NO tendr&#225; voto de desempate   cuando sustituya por cualquier causa al Presidente. El Directorio tambi&#233;n   podr&#225; celebrar sus reuniones con sus miembros comunicados entre s&#237; mediante   videoteleconferencia, comput&#225;ndose a los efectos del qu&#243;rum tanto los   directores presentes como los que participen a distancia. Las actas de estas   reuniones ser&#225;n confeccionadas y firmadas dentro los cinco (5)&nbsp;d&#237;as de   celebrada la reuni&#243;n por los directores y s&#237;ndicos presentes. Los miembros de   la Comisi&#243;n Fiscalizadora deber&#225;n dejar expresa constancia en el acta de los   nombres de los directores que han participado a distancia y de la regularidad   de las decisiones adoptadas en el curso de la reuni&#243;n. El acta consignar&#225; las   manifestaciones tanto de los directores presentes como de los que participen   a distancia y sus votos con relaci&#243;n a cada resoluci&#243;n adoptada. La Asamblea   fija la remuneraci&#243;n del Directorio. El Directorio podr&#225; designar a los   Gerentes Generales, as&#237; como a gerentes especiales, en los t&#233;rminos del   art&#237;culo 270 de la Ley 19.550, quienes podr&#225;n ser o no Directores de la   Sociedad.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>    <i>Las siguientes materias son Cuestiones de Mayor&#237;a   Especial sujetas a la mayor&#237;a especial prevista en el presente Art&#237;culo:</i></font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(i)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>cualquier enmienda, modificaci&#243;n, complemento o reemplazo de los   estatutos o de cualquier otro documento constitutivo de la sociedad o de una   Sociedad Controlada;</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(ii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Cualquier cambio significativo en la conducci&#243;n de los negocios de la   Sociedad o cualquier Sociedad Controlada que no est&#233; relacionado con la   prestaci&#243;n de servicios de video, telefon&#237;a, datos y otros servicios   relacionados, o cualquier nuevo servicio prestado por </i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">30<a name="PB_30_212320_8927"></a></p>
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<p style="margin:0in 0in .0001pt .4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">compa&#241;&#237;as de servicios de   tecnolog&#237;a de la informaci&#243;n y las comunicaciones similares en otros   mercados, y dem&#225;s negocios razonablemente vinculados con ello;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(iii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La contrataci&#243;n de cualquier funcionario o empleado de la Sociedad o   una Sociedad Controlada que se desempe&#241;e en una posici&#243;n clave tales como: el   Director o Gerente General (CEO), Principal Gerente Operativo (COO),   Principal Gerente T&#233;cnico (CTO), el Principal Gerente Financiero (CFO) o   cualquier otro funcionario o empleado de la Sociedad o una Sociedad   Controlada que tenga una l&#237;nea directa de reporte con el Director o Gerente   General (CEO) o con el <u>Vicepresidente de</u> la Sociedad o una l&#237;nea   conjunta de reporte con el Director o Gerente General (CEO) y el Vice<u>p</u>residente   de la Sociedad o el Sub-Gerente General, si lo hubiera, tal como el Auditor   Interno (o, en cualquier caso, cualquier otro funcionario o empleado que   tenga responsabilidades similares a las anteriores posiciones) o cualquier   otra posici&#243;n expresamente designada como una posici&#243;n clave tal como el   Director de Abastecimiento, el Director de Legales, el Director de Recursos   Humanos, el Director de Asuntos Regulatorios y el Director de Relaciones   Institucionales; y la desvinculaci&#243;n del CFO y del auditor interno.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(iv)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Cualquier cambio de los auditores externos o asesores impositivos de   la Sociedad o cualquier Sociedad Controlada, salvo que se designe a Deloitte   Touche Tohmatsu, PricewaterhouseCoopers, KPMG o EY (anteriormente denominada   Ernst&nbsp;&amp; Young);</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(v)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La creaci&#243;n de cualquier comit&#233; del directorio de la Sociedad o del   directorio de cualquier Sociedad Controlada o la ampliaci&#243;n o reducci&#243;n de   las facultades del Directorio o de un comit&#233; existente del directorio de la   Sociedad o del directorio de cualquier Sociedad Controlada.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(vi)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La fusi&#243;n por absorci&#243;n o fusi&#243;n propiamente dicha de la Sociedad o   de cualquier Sociedad Controlada en una operaci&#243;n o serie de operaciones   relacionadas, o la adquisici&#243;n de activos (incluido el capital accionario   &#151;como este t&#233;rmino se define seguidamente- u otros t&#237;tulos valores) por parte   de la Sociedad o cualquier Sociedad Controlada, utilizando como   contraprestaci&#243;n el capital accionario de la Sociedad o de una Sociedad   Controlada excepto por la fusi&#243;n de la Sociedad con Cablevisi&#243;n Holding S.A.   donde; (1)&nbsp;la Sociedad es la sociedad absorbente, (2)&nbsp;no se   transfieran a la Sociedad por efecto de la fusi&#243;n otros activos o pasivos que   no sean (i)&nbsp;acciones emitidas por la Sociedad y/o (ii)&nbsp;pasivos   existentes de Cablevisi&#243;n Holding S.A. en cantida<u>des</u> m&#237;nimas</i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">31<a name="PB_31_212504_7056"></a></p>
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<p style="margin:0in 0in .0001pt .4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">tales que (luego de restadas   las sumas en efectivo y equivalentes de efectivo que puedan existir en   Cablevision Holding S.A. en ese momento) no excedan de U$S_1 mill&#243;n<u>,</u>   (3)&nbsp;Los accionistas de la Sociedad no sean diluidos en sus derechos   econ&#243;micos o de voto por la relaci&#243;n de cambio de acciones emitidas por   Cablevisi&#243;n Holding S.A. por acciones emitidas por la Sociedad o de cualquier   otra manera como resultado de la fusi&#243;n, y (4)&nbsp;la fusi&#243;n califique como   una reorganizaci&#243;n libre de impuestos conforme a las normas argentinas.</font></i></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(vii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Cualquier adquisici&#243;n por parte de la Sociedad o de Sociedades   Controladas, en una &#250;nica operaci&#243;n o mediante una serie de operaciones (salvo   con una Subsidiaria de la Sociedad) de activos (incluyendo capital accionario   u otros t&#237;tulos valores), con excepci&#243;n de adquisiciones que impliquen pagos   totales por un monto o activos con un Valor de Mercado que no exceda de U$S   50 millones;</i></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(viii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Cualquier   acto de disposici&#243;n realizado por la Sociedad o cualquier Sociedad Controlada   en una operaci&#243;n (salvo con una Subsidiaria totalmente controlada (excepto   por la m&#237;nima cantidad de acciones necesarias para cumplir con un requisito   de pluralidad de accionistas)) en la que el Valor de Mercado de los bienes   enajenados exceda U$S30 millones, salvo en el caso de una enajenaci&#243;n   requerida por orden de una autoridad gubernamental competente;</i></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(ix)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>la emisi&#243;n, entrega, oferta, venta, adquisici&#243;n, rescate o compra por   parte de la Sociedad o de cualquier Sociedad Controlada de acciones de   cualquier clase o serie de su Capital Accionario u otros t&#237;tulos valores   convertibles en o ejercibles o canjeables por, u opciones, warrants o   derechos de cualquier tipo para suscribir o adquirir acciones de cualquier   clase o serie de su Capital Accionario u otros t&#237;tulos valores, o cualquier   reestructuraci&#243;n accionaria, subdivisi&#243;n, cambio de deuda o acciones   preferidas por acciones o viceversa, , combinaci&#243;n o reclasificaci&#243;n del   Capital Accionario de la Sociedad o de cualquier Sociedad Controlada o la   celebraci&#243;n de un contrato, acuerdo, compromiso o convenio relacionado con lo   antedicho;</i></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(x)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La adopci&#243;n de cualquier programa de remuneraci&#243;n en acciones para   los directivos de la Sociedad, que prevea la emisi&#243;n de t&#237;tulos valores o   derechos por debajo de su Valor de Mercado o que, una vez emitidos o   ejercidos, representar&#237;an m&#225;s que el mayor entre el dos por ciento (2%) del   Capital Accionario de la Sociedad o U$S 5 millones,</i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">32<a name="PB_32_212632_5335"></a></p>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xi)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La presentaci&#243;n en concurso por parte de la Sociedad o la celebraci&#243;n   de un acuerdo preventivo extrajudicial, conforme la ley de concursos de Argentina   o una presentaci&#243;n realizada conforme a cualquier otra ley concursal o de   quiebras de Argentina o cualquier otro lugar, o el reconocimiento por escrito   de la quiebra, insolvencia o estado de cesaci&#243;n de pagos o la inhabilidad   general de pagar sus deudas al vencimiento de la Sociedad o cualquier   Sociedad Controlada, estipul&#225;ndose no obstante que no calificar&#225; como   Cuesti&#243;n de Mayor&#237;a Especial si en un procedimiento de quiebra involuntario   dicha petici&#243;n involuntaria hubiera sido presentada por el o los Accionistas   (o cualquiera de sus Afiliadas) que hubiera nominado al Director que se opone   a la decisi&#243;n de realizar tal presentaci&#243;n.</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>El incurrimiento en Deuda por prestamos tomados por la Sociedad o una   Sociedad Controlada, salvo por Deuda que, una vez sumada a las dem&#225;s Deudas   pendientes de la Sociedad y sus Sociedades Controladas (neta de cualesquiera   dep&#243;sitos en custodia en efectivo destinados &#250;nicamente a pagar Deuda) no   exceda tres (3)&nbsp;veces el EBITDA consolidado de la Sociedad para el   &#250;ltimo per&#237;odo de doce (12) meses inmediatamente anterior a dicho   incurrimiento para el que se dispone de estados financieros consolidados de   la Sociedad.</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xiii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La   creaci&#243;n o imposici&#243;n de un Gravamen sobre cualquier activo de la Sociedad o   de cualquier Sociedad Controlada cuyo Valor de Mercado sea superior a U$S 30   millones, exceptuando aquellos grav&#225;menes especialmente aprobados como parte   de la autorizaci&#243;n de Gastos de Capital o adquisiciones de activos.</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xiv)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>El otorgamiento de un pr&#233;stamo o anticipo a cualquier persona o el   otorgamiento de garant&#237;as de las obligaciones de una persona, salvo por   (A)&nbsp;una garant&#237;a de la Deuda de una Sociedad Controlada permitida bajo   el inciso (xii)&nbsp;del presente Art&#237;culo, o (B)&nbsp;cualquier adelanto   comercial aprobado con anterioridad en relaci&#243;n con proyectos aprobados bajo   los incisos (vii)&nbsp;o (xv)&nbsp;del presente Art&#237;culo, o   (C)&nbsp;adelantos comerciales a proveedores de la Sociedad o a Sociedades   Controladas en un monto que no exceda en total los U$S 20 millones en una   operaci&#243;n o serie de operaciones;</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xv)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La aprobaci&#243;n de Gastos de Capital en cualquier ejercicio econ&#243;mico,   no contemplados expresamente en un Plan de Negocios o Presupuesto Anual por   un monto superior a en </i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">33<a name="PB_33_212842_5796"></a></p>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt .4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">total U$S 45 millones,   excluyendo aquellos Gastos de Capital necesarios para mantener el buen   funcionamiento de las instalaciones, equipamiento y sistemas de la Sociedad,   incluyendo la renovaci&#243;n y reemplazo del material obsoleto;</font></i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xvi)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Las contrataciones o cualquier otro arreglo no contemplado   expresamente en un Plan de Negocios o Presupuesto Anual en los cuales la   Sociedad o sus Sociedades Controladas se encuentren obligadas a realizar   pagos que excedan la suma de (i)&nbsp;U$S 5 millones (o su equivalente en   otra moneda) con respecto a las transacciones que no fueran del curso   ordinario del negocio y (ii)&nbsp;U$S 30 millones con respecto a las   transacciones que correspondan con el curso ordinario del negocio, y en cada   caso, que no est&#233;n sujetas a otro inciso del presente Art&#237;culo;</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xvii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La   aprobaci&#243;n de operaciones con personas controladas, controlantes o sujetas a   control com&#250;n con un Accionista;</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xviii)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>Las   decisiones relacionadas con la consolidaci&#243;n de las operaciones de la   Sociedad con sus Sociedades Controladas, excepto aquellos casos en los cuales   no hay diluci&#243;n de derechos de voto o econ&#243;micos de los accionistas y donde   no hay transferencia o asunci&#243;n de un patrimonio neto negativo;</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xix)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La aprobaci&#243;n durante cualquier ejercicio de (i)&nbsp;cualquier   aumento en la compensaci&#243;n del CEO que supere un 10% en t&#233;rminos reales tras   considerar los efectos de la inflaci&#243;n en D&#243;lares o en Pesos Argentinos   dependiendo de la moneda que se aplique en la compensaci&#243;n relevante y   (ii)&nbsp;cualquier aumento de aquellos empleados o funcionarios que se   desempe&#241;en en posiciones clave de la Sociedad o de una Subsidiaria   Significativa si luego de dicho aumento la remuneraci&#243;n anual de dicho empleado   para dicho ejercicio supera el 80% de la compensaci&#243;n anual del CEO para   dicho ejercicio en t&#233;rminos reales.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xx)</font></i><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><i>La aprobaci&#243;n de nuevas L&#237;neas de Negocio o la discontinuaci&#243;n de   L&#237;neas de Negocio de la Sociedad o de una Sociedad Controlada.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xxi)</font></i><i><font size="1" style="font-size:3.0pt;font-style:italic;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>La modificaci&#243;n de   la pol&#237;tica de dividendos, o la firma de contratos o acuerdos que impongan   restricciones o condiciones a la declaraci&#243;n o pago de dividendos o de   cualquier distribuci&#243;n a los Accionistas;</i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">34<a name="PB_34_213224_2897"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xxii)</font></i>&nbsp;&nbsp; <i>Las presentaciones,   solicitudes o requerimientos para la aprobaci&#243;n de la cancelaci&#243;n de la   registraci&#243;n de valores negociables con entidades gubernamentales nacionales   o internacionales o para la cancelaci&#243;n del listado de acciones u otros   valores negociables de participaci&#243;n (equity) en mercados de valores   dom&#233;sticos o internacionales.</i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .4in;text-indent:-.4in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">(xxiii)&nbsp; La aprobaci&#243;n del Presupuesto Anual   Consolidado y del Plan de Negocios de la Sociedad y sus Sociedades   Controladas, salvo que haya sido aprobado por unanimidad en el Comit&#233;   Ejecutivo de la Sociedad.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">A los fines del presente estatuto, los siguientes   t&#233;rminos tendr&#225;n el significado expresado a continuaci&#243;n para cada uno de   ellos:</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Afiliada&#148; significa, en relaci&#243;n con una persona   espec&#237;fica, toda persona que a la fecha de determinaci&#243;n de la condici&#243;n de   Afiliada sea, directa o indirectamente, ya sea a trav&#233;s de uno o m&#225;s   intermediarios, la persona Controlante de dicha persona espec&#237;fica, la   persona Controlada de la misma o se encuentre bajo Control com&#250;n con ella;   estableci&#233;ndose que ning&#250;n accionista ser&#225; considerado una Afiliada de   cualquiera de los otros Accionistas por el mero hecho de haber realizado una   inversi&#243;n en la Sociedad; estableci&#233;ndose, asimismo, que ni la Sociedad ni   ninguna Sociedad Controlada ser&#225; considerada una Afiliada de un Accionista.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Capital Accionario&#148; de una persona significa   cualquiera y todas las acciones, derechos, derechos de compra, opciones   (warrants), t&#237;tulos vinculados al capital, debentures convertibles, opciones,   participaciones, derechos en ellos o equivalentes (cualquiera sea su   denominaci&#243;n) del capital accionario de dicha persona u otras participaciones   en el capital, incluyendo partes de inter&#233;s, sean comanditarias o   comanditadas, en dicha persona, incluyendo tambi&#233;n toda acci&#243;n preferida y   todos los derechos, warrants u opciones que sean canjeables por o   convertibles en dichas acciones de capital, ya sea que se encuentren en   circulaci&#243;n a la fecha del contrato de fideicomiso o que se emitan con   posterioridad.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Control&#148; significa, en relaci&#243;n con una persona   determinada (que no sea una persona f&#237;sica), la posesi&#243;n, directa o   indirecta, de la facultad de dirigir o controlar la direcci&#243;n de la   administraci&#243;n y pol&#237;ticas de dicha persona, ya sea mediante la titularidad   de t&#237;tulos, cuotas o acciones con derecho a voto, mediante contrato o por   cualquier otro medio.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Coeficiente Deuda/EBITDA&#148; significa, respecto de   la Sociedad, en cualquier momento, su coeficiente de la Deuda consolidada   neta, a la fecha del balance consolidado m&#225;s reciente disponible de la   Sociedad, respecto de su EBITDA consolidado para los cuatro trimestres   econ&#243;micos m&#225;s recientes respecto de los que se dispone de estados de   resultados y estados de origen y aplicaci&#243;n de los fondos de esa persona,   calculado de acuerdo con los PCGA de </font></i></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Argentina en base a los estados contables   publicados m&#225;s recientes de la Sociedad.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Deuda&#148; significa, con respecto a cualquier   persona a la fecha de determinaci&#243;n, sin que implique duplicaci&#243;n,   (a)&nbsp;todos los pasivos de dicha persona por pr&#233;stamos (incluso por   sobregiros) o por el precio de compra diferido de bienes o servicios, excluidas   las deudas comerciales y otros pasivos (incluidos los desembolsos pendientes)   incurridos en el curso ordinario de los negocios (instrumentados o no   mediante un pagar&#233;), pero incluyendo, entre otros, todas las obligaciones de   dicha persona, eventuales o de otra &#237;ndole, en relaci&#243;n con cartas de cr&#233;dito   y aceptaciones emitidas conforme a cartas de l&#237;neas de cr&#233;ditos, l&#237;neas de   aceptaciones bancarias o similares, (b)&nbsp;todas las obligaciones de dicha   persona instrumentadas mediante bonos, t&#237;tulos de deuda, debentures u otros   instrumentos similares, (c)&nbsp;toda la deuda de dicha persona incurrida o   que surge de un contrato de compraventa condicional u otro acuerdo que   implique retenci&#243;n del dominio sobre el bien adquirido por dicha persona (a&#250;n   cuando los derechos y acciones del vendedor o prestamista conforme al   convenio, en caso de incumplimiento, se limiten a recuperar la posesi&#243;n del   bien o a su venta), pero excluyendo las deudas comerciales derivadas del   curso ordinario de las operaciones; (d)&nbsp;todas las obligaciones por   locaciones capitalizadas de dicha persona, (e)&nbsp;toda la deuda referida   (pero no excluida de) en las cl&#225;usulas precedentes de otras personas y todos   los dividendos de otras personas, cuyo pago se encuentra garantizado (o   respecto del cual el acreedor de dicha deuda posee un derecho, eventual o de   otro tipo, a ser garantizado) mediante un gravamen constituido o vinculado a   un bien (incluyendo, entre otros, cuentas y derechos contractuales) de   propiedad de dicha persona, a&#250;n cuando esa persona no hubiera asumido o   aceptado responsabilidad por el pago de dicha deuda (consider&#225;ndose que el   monto de la obligaci&#243;n es el menor de los valores de dicho bien o activo o el   monto de la obligaci&#243;n as&#237; asegurada), (f)&nbsp;todas las garant&#237;as otorgadas   por dicha persona de la deuda referida en esta definici&#243;n correspondiente a   cualquier otra persona, (g)&nbsp;todo el capital accionario de dicha persona,   que pueda ser rescatado, valuado a lo que resulte ser mayor entre el precio   de recompra m&#225;ximo voluntario o involuntario fijado, m&#225;s los dividendos   devengados y no abonados; (h)&nbsp;toda obligaci&#243;n de dicha persona en virtud   de o en relaci&#243;n con contratos sobre tasa de inter&#233;s o sobre divisas y   (i)&nbsp;la financiaci&#243;n del vendedor. A estos fines, el &#147;precio de recompra   m&#225;ximo fijado&#148; del capital accionario que pueda ser objeto de rescate y que   no posee un precio de recompra fijado, ser&#225; el justo valor de mercado de   dicho capital accionario sujeto a rescate. El justo valor de mercado ser&#225;   determinado de buena fe por el directorio de la Sociedad y constar&#225; en una   resoluci&#243;n de directorio. La Deuda no incluir&#225; (a)&nbsp;obligaciones de   ninguna persona (i)&nbsp;que surjan del pago por parte de un banco u otra   instituci&#243;n financiera, de un cheque, giro o instrumento similar que hubiese   sido inadvertidamente librado sin fondos en el curso normal de las   operaciones, siempre que dichas obligaciones se extingan dentro de los 2   (dos) d&#237;as h&#225;biles siguientes a ser incurridas, a menos que estuviesen   cubiertas por una autorizaci&#243;n para girar en descubierto, (ii)&nbsp;deriven   del endoso para el cobro de t&#237;tulos de cr&#233;dito, en el curso ordinario de las   operaciones y </font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">36<a name="PB_36_215242_7608"></a></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">de conformidad con las pr&#225;cticas comerciales   aplicadas con anterioridad y (iii)&nbsp;derivadas de cartas de cr&#233;dito   &#147;stand-by&#148; si est&#225;n garantizadas con efectivo o equivalentes y   (b)&nbsp;obligaciones derivadas de garant&#237;as de cumplimiento, avales de   cumplimientos, seguros de cauci&#243;n, garant&#237;as o contracautelas por apelaci&#243;n,   cartas de cr&#233;dito u obligaciones similares incurridas en el curso ordinario   de las operaciones.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;EBITDA&#148; significa el monto de los Resultados   Netos Consolidados de la Sociedad y sus subsidiarias determinados conforme a   los PCGA de Argentina, excluyendo los resultados extraordinarios y los   resultados correspondientes a las Afiliadas, m&#225;s ingresos (egresos)   financieros, cargos por impuesto a las ganancias, otros &#237;tems que no   constituyen efectivo y cargos por depreciaci&#243;n y amortizaci&#243;n   correspondientes al per&#237;odo pertinente.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Gastos de Capital&#148; significa, respecto a una   persona durante cualquier per&#237;odo<u>, el monto</u> de todos los gastos   directa o indirectamente realizados en concepto de equipos, bienes de uso,   bienes inmuebles o mejoras en ellos o a los bienes que los reemplacen, que   han sido contabilizados como altas en los bienes de capital en el estado de   situaci&#243;n patrimonial consolidado confeccionado de conformidad con los PCGA   de Argentina, vigentes al tiempo de su determinaci&#243;n.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Gravamen&#148; significa toda hipoteca, prenda,   derecho de garant&#237;a, carga, reclamo, embargo, opci&#243;n, cesi&#243;n en garant&#237;a,   servidumbre, privilegio, restricci&#243;n (incluyendo todo acuerdo de accionistas   o sindicaci&#243;n de acciones), embargo o cualquier otra restricci&#243;n de cualquier   tipo, en cada caso constituida o creada a los fines de garantizar deuda   financiera u obligaciones financieras, o con cualquier otro fin.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Valor de Mercado&#148; significa, en relaci&#243;n con la   Sociedad, las acciones de la Sociedad o cualquier otro activo o bien   (incluyendo los t&#237;tulos valores), el precio de contado al cual un vendedor   estar&#237;a dispuesto a vender y un comprador a comprar en una operaci&#243;n entre   partes independientes, no encontr&#225;ndose ninguna de las partes bajo ninguna   presi&#243;n ni coerci&#243;n para comprar o vender, en cada caso seg&#250;n lo determine un   banco de inversi&#243;n independiente seleccionado por el directorio de la   Sociedad.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;PCGA de Argentina&#148; significa los principios   contables generalmente aceptados en la Rep&#250;blica Argentina aplicables a la   Sociedad, vigentes en forma peri&#243;dica.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Subsidiaria&#148; significa, con respecto a una   persona, cualquier otra persona en la cual por lo menos el 50% de su capital   accionario o acciones con derecho a voto pertenece, directa o indirectamente,   a la mencionada persona y/o a una o m&#225;s de sus Subsidiarias.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&#147;Subsidiaria Significativa&#148; significa una   Subsidiaria de la Sociedad cuyos activos, considerados</font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">37<a name="PB_37_215302_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">en forma no consolidada, a la fecha del estado de   situaci&#243;n patrimonial consolidado auditado m&#225;s reciente de la Sociedad a la   fecha de determinaci&#243;n, representan al menos el 10% de los activos   consolidados de la Sociedad.</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo Bis</font></u></i></b><i>: La Sociedad contar&#225; con un Comit&#233; de Auditor&#237;a en los t&#233;rminos del   Art&#237;culo 15 del Decreto N&#176; 677/01, el cual funcionar&#225; en forma colegiada y   estar&#225; integrado por un m&#237;nimo de tres Directores que ser&#225;n designados por el   Directorio por mayor&#237;a simple de votos. La mayor&#237;a de los miembros del Comit&#233;   de Auditor&#237;a deber&#225;n revestir el car&#225;cter de directores independientes,   conforme a los criterios establecidos por la Comisi&#243;n Nacional de Valores. El   Directorio dictar&#225; un reglamento relativo a la composici&#243;n, atribuciones,   funcionamiento y dem&#225;s particularidades del Comit&#233; de Auditor&#237;a, el que se   regir&#225; seg&#250;n lo dispuesto por la ley, el estatuto y las normas de la Comisi&#243;n   Nacional de Valores.</i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo Bis</font></u>:</i></b><i> La Sociedad contar&#225; con un Comit&#233; de Auditor&#237;a en los t&#233;rminos   requeridos por las normas aplicables, el cual funcionar&#225; en forma colegiada y   estar&#225; integrado por un m&#237;nimo de tres Directores que ser&#225;n designados por el   Directorio por mayor&#237;a simple de votos. La mayor&#237;a de los miembros del Comit&#233;   de Auditor&#237;a deber&#225;n revestir el car&#225;cter de directores independientes,   conforme a los criterios establecidos por la Comisi&#243;n Nacional de Valores. El   Directorio dictar&#225; un reglamento relativo a la composici&#243;n, atribuciones,   funcionamiento y dem&#225;s particularidades del Comit&#233; de Auditor&#237;a, el que se   regir&#225; seg&#250;n lo dispuesto por la ley, el estatuto y las normas de la Comisi&#243;n   Nacional de Valores.</i></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo Primero</font></u>:</i></b><i> Los Directores Titulares y Suplentes ser&#225;n elegidos por la Asamblea   General Ordinaria, la cual podr&#225; asimismo removerlos, por mayor&#237;a de votos de   los tenedores de acciones de las tres clases.</i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo Primero</font></u>:</i></b><i> Los Directores Titulares y Suplentes ser&#225;n elegidos por la Asamblea   General Ordinaria, la cual podr&#225; asimismo removerlos, por mayor&#237;a de votos de   los tenedores de acciones de las cuatro clases.</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo Tercero</font></u></i></b><i>: El Directorio tiene todas las facultades para administrar y   disponer de los bienes, incluso aqu&#233;llas para las cuales la ley requiere   poderes especiales, conforme el art&#237;culo 1881 del C&#243;digo Civil y el art&#237;culo   9 del Decreto-Ley 5965/63. Puede, en consecuencia, celebrar en nombre de la   sociedad, toda clase de actos jur&#237;dicos que tiendan al cumplimiento del   objeto social, entre ellos operar con los Bancos de la Naci&#243;n Argentina, de   la Provincia de Buenos Aires, y dem&#225;s instituciones de cr&#233;dito oficiales o   privadas, establecer agencias, sucursales y toda otra especie de   representaci&#243;n dentro o fuera del pa&#237;s; otorgar a una o m&#225;s personas, poderes   judiciales, inclusive para querellar criminalmente, o extrajudiciales, con el   objeto y extensi&#243;n que juzgue conveniente.</i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo Tercero</font></u>:</i></b><i> El Directorio tiene todas las facultades para administrar y disponer   de los bienes, incluso aqu&#233;llas para las cuales la ley requiere poderes   especiales, conforme el art&#237;culo 375 del C&#243;digo Civil y Comercial de la   Naci&#243;n y el art&#237;culo 9 del Decreto-Ley 5965/63. Puede, en consecuencia,   celebrar en nombre de la Sociedad, toda clase de actos jur&#237;dicos que tiendan   al cumplimiento del objeto social, entre ellos operar con los Bancos de la   Naci&#243;n Argentina, de la Provincia de Buenos Aires, y dem&#225;s instituciones de   cr&#233;dito oficiales o privadas, establecer agencias, sucursales y toda otra   especie de representaci&#243;n dentro o fuera del pa&#237;s; otorgar a una o m&#225;s   personas, poderes judiciales, inclusive para querellar criminalmente, o   extrajudiciales, con el objeto y extensi&#243;n que juzgue conveniente.</i></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La representaci&#243;n legal de la sociedad   corresponde al Presidente del Directorio o a quien lo reemplace. Sin   perjuicio de ello, la representaci&#243;n en juicio de la Sociedad ser&#225; ejercida   por el Director o Directores, o los mandatarios especiales que el Directorio   designe a ese efecto, quienes quedar&#225;n facultados ampliamente a ese fin   inclusive para poner y absolver posiciones en representaci&#243;n de la Sociedad,   pudiendo sustituirse tal mandato, si el Directorio as&#237; lo dispone. El   Directorio podr&#225; designar un Comit&#233; Ejecutivo que actuar&#225; bajo vigilancia del   Directorio y tendr&#225; a su cargo los asuntos propios de la administraci&#243;n   interna de la Sociedad; la consideraci&#243;n</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">La representaci&#243;n legal de la Sociedad   corresponde al Presidente del Directorio y al Vicepresidente en forma   conjunta. En caso de ausencia o impedimento de Presidente y/o Vicepresidente   la representaci&#243;n legal la ejercer&#225;n los directores que asuman la presidencia   y la vicepresidencia, ya sea interina o definitivamente. Sin perjuicio de   ello, la representaci&#243;n en juicio de la Sociedad ser&#225; ejercida por el   Director o Directores, o los mandatarios especiales que el Directorio designe   a ese efecto, quienes quedar&#225;n facultados ampliamente a ese fin inclusive   para poner y absolver posiciones en representaci&#243;n de la Sociedad, pudiendo   sustituirse tal mandato, si el Directorio as&#237; lo dispone. El Directorio podr&#225;   designar un Comit&#233; </font></i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">38<a name="PB_38_215323_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">preliminar de los planes e iniciativas de   significaci&#243;n para su sometimiento a la aprobaci&#243;n del Directorio; el   seguimiento de las decisiones del Directorio para controlar su implementaci&#243;n   y cumplimiento y la gesti&#243;n de cualquier operaci&#243;n relativa a los negocios   ordinarios de la Sociedad. El Comit&#233; Ejecutivo estar&#225; integrado por tres   (3)&nbsp;directores titulares. Se reunir&#225; al menos diez (10)&nbsp;veces por   a&#241;o y se llevar&#225; un libro de actas de las reuniones celebradas. Sesionar&#225; con   la participaci&#243;n personal o comunicados mediante videoteleconferencia, de   todos sus miembros. Las decisiones se adoptar&#225;n por unanimidad; cuando la   misma no se obtuviera en dos reuniones sucesivas, el tema ser&#225; elevado a   consideraci&#243;n del Directorio. El Directorio queda facultado para aprobar un   Reglamento del Comit&#233; Ejecutivo con el objeto de especificar sus facultades y   normar su funcionamiento en el marco de lo previsto por este Estatuto.</font></i></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Ejecutivo que actuar&#225; bajo vigilancia del   Directorio y tendr&#225; a su cargo los asuntos propios de la administraci&#243;n   interna de la Sociedad; la consideraci&#243;n preliminar de los planes e   iniciativas de significaci&#243;n para su sometimiento a la aprobaci&#243;n del   Directorio; el seguimiento de las decisiones del Directorio para controlar su   implementaci&#243;n y cumplimiento y la gesti&#243;n de cualquier operaci&#243;n relativa a   los negocios ordinarios de la Sociedad. El Comit&#233; Ejecutivo estar&#225; integrado   por cinco (5)&nbsp;directores titulares. Se reunir&#225; al menos diez   (10)&nbsp;veces por a&#241;o y se llevar&#225; un libro de actas de las reuniones celebradas.   Sesionar&#225; con la participaci&#243;n personal o comunicados mediante   videoteleconferencia de todos sus miembros, comput&#225;ndose a los efectos del   qu&#243;rum tanto los miembros presentes como los que participen a distancia. Las   actas de estas reuniones ser&#225;n confeccionadas y firmadas dentro de los cinco   (5)&nbsp;d&#237;as h&#225;biles de celebrada la reuni&#243;n por los miembros presentes y el   representante de la Comisi&#243;n Fiscalizadora. Uno de los miembros de la   Comisi&#243;n Fiscalizadora deber&#225; dejar expresa constancia en el acta de los   nombres de los miembros que han participado a distancia y de la regularidad   de las decisiones adoptadas en el curso de la reuni&#243;n. El acta consignar&#225; las   manifestaciones tanto de los miembros presentes como de los que participen a   distancia y sus votos con relaci&#243;n a cada resoluci&#243;n adoptada. Las decisiones   se adoptar&#225;n por unanimidad; cuando la misma no se obtuviera en dos reuniones   sucesivas, el tema ser&#225; elevado a consideraci&#243;n del Directorio. El Directorio   queda facultado para aprobar un Reglamento del Comit&#233; Ejecutivo con el objeto   de especificar sus facultades y normar su funcionamiento en el marco de lo   previsto por este Estatuto.</font></i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">39<a name="PB_39_215342_455"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.7pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo-Cuarto</font></u></i></b><i><u style="font-style:italic;">:</u></i><i> La   fiscalizaci&#243;n de la sociedad est&#225; a cargo de una Comisi&#243;n Fiscalizadora   compuesta de tres o cinco miembros titulares y tres o cinco suplentes, cuyo   n&#250;mero y elecci&#243;n ser&#225;n resueltos por la Asamblea por el t&#233;rmino de un   ejercicio. La Comisi&#243;n Fiscalizadora sesionar&#225; v&#225;lidamente con la presencia   de la mayor&#237;a absoluta de sus integrantes y sus decisiones se adoptar&#225;n por   mayor&#237;a de votos presentes sin perjuicio de los derechos que le corresponden   al s&#237;ndico disidente. La Comisi&#243;n Fiscalizadora elegir&#225; a su Presidente de   entre los miembros titulares, en caso que la Asamblea no haya procedido a su   elecci&#243;n. Los miembros suplentes de la Comisi&#243;n Fiscalizadora cubrir&#225;n las   vacantes que se produjeran, seg&#250;n el orden o m&#233;todo que fije la Asamblea. La   Comisi&#243;n Fiscalizadora podr&#225; ser representada por cualquiera de sus miembros   en las reuniones de Directorio o Asamblea.</i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:1.0pt;font-style:italic;">&nbsp;</font></i></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.7pt;"><b><i><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">Art&#237;culo D&#233;cimo-Cuarto</font></u></i></b><i><u style="font-style:italic;">:</u></i><i> La   fiscalizaci&#243;n de la Sociedad est&#225; a cargo de una Comisi&#243;n Fiscalizadora   compuesta de cinco miembros titulares y tres o cinco suplentes, cuyo n&#250;mero y   elecci&#243;n ser&#225;n resueltos por la Asamblea por el t&#233;rmino de un ejercicio. La   Comisi&#243;n Fiscalizadora sesionar&#225; v&#225;lidamente con la presencia de la mayor&#237;a   absoluta de sus integrantes y sus decisiones se adoptar&#225;n por mayor&#237;a de votos   presentes sin perjuicio de los derechos que le corresponden al s&#237;ndico   disidente. La Comisi&#243;n Fiscalizadora elegir&#225; a su Presidente de entre los   miembros titulares, en caso que la Asamblea no haya procedido a su elecci&#243;n.   Los miembros suplentes de la Comisi&#243;n Fiscalizadora cubrir&#225;n las vacantes que   se produjeran, seg&#250;n el orden o m&#233;todo que fije la Asamblea. La Comisi&#243;n   Fiscalizadora podr&#225; ser representada por cualquiera de sus miembros en las   reuniones de Directorio o Asamblea.</i></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">40<a name="PB_40_215359_4141"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Anexo V:</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Transacciones con Partes Relacionadas de Cablevisi&#243;n</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">41<a name="PB_41_215542_8627"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.2<a name="Exhibit99_2_085309"></a></font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRELIMINARY MERGER AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">entered into between</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(as Surviving Company)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">and</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISION S.A.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(as Merged Company)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">June&nbsp;30, 2017</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PRELIMINARY MERGER AGREEMENT</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">This PRELIMINARY MERGER AGREEMENT is entered on June&nbsp;</font>30, 2017 between:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Telecom Argentina S.A.</b> (&#147;<u>Telecom Argentina</u>&#148; or, the &#147;<u>Surviving Company</u>&#148;), domiciled at Ave. Alicia Moreau de Justo 50, 13<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;floor, Autonomous City of Buenos Aires;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Cablevisi&#243;n S.A.</b> (&#147;<u>Cablevisi&#243;n</u>&#148; or, the &#147;<u>Merged Company</u>&#148;), domiciled at Avda.&nbsp;General Hornos 690, Autonomous City of Buenos Aires and, together with Telecom Argentina, the &#147;<u>Parties</u>&#148; and each of them individually, a &#147;<u>Party</u>&#148;.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina&#146;s primary business is the provision, directly or through third parties or associated with third parties, of TIC Services (as such term is defined below), whether fixed, mobile, wired, wireless, national or international, with or without own infrastructure telecommunication services, value added services (including Internet access) and data transmission services within the framework of the applicable licenses, and its corporate purpose includes the provision of Audiovisual Communication Services (as such term is defined below). In addition, Telecom Argentina also carries out activities as a holding company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n&#146;s primary business is also the provision of TIC Services that are registered in the Digital Argentina Sole License held by Cablevisi&#243;n pursuant to Resolution No.&nbsp;1359/2016, mainly including, among others, the provision of Television Subscription Services by physical link and radio electrical link, and Data Transmission Services, as well as other fixed, mobile, wired and wireless, national and international telecommunication services, also including without limitation the Value Added Services (including Internet access), Telephony and Trunking (the latter being provided through its subsidiary Nextel, which is currently undergoing a merger by incorporation with Cablevisi&#243;n) and the Advanced Mobile Communications Service through a network to be deployed by Cablevisi&#243;n. Cablevisi&#243;n&#146;s corporate purpose includes the possibility of providing Audiovisual Communication Services. In addition, Cablevisi&#243;n also carries out activities as a holding company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Today, at both national and international levels, there is a trend towards technological convergence between media and telecommunications of various separated or independent forms of provision of voice, data, sound and image transmission services, both fixed and wireless, in a sole product or series of products to be provided to users as a whole (the &#147;<u>Convergence Products</u>&#148;) for the benefit of users and consumers of such multiple individual services.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_085522_5335"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>January&nbsp;1<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>, 2018 will be the expiration of the period set forth by Decrees No.&nbsp;267/15 and 1340/16 to lift the restriction that applies exclusively to the providers of Basic Telephonic Services whose license has been granted pursuant to the terms of Decree No.&nbsp;62/90 and items 1 and 2 of Section&nbsp;5 of Decree No.&nbsp;264/98, as well as the providers of Mobile Telephonic Services with license granted pursuant to the bidding terms and conditions approved by Resolution of the then Ministry of Finance and Public Works and Services No.&nbsp;575/93 and ratified by Decree No.&nbsp;1,461/93, among these Telecom Argentina and Telecom Personal, to include in their offer of telecommunication services, Television Subscription Services by physical link and/or radio electrical link.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For purposes of offering Convergence Products to their respective clients, the Parties have considered that their respective operative and technical structures are highly complementary and could be optimized through a structural consolidation, achieving synergies and efficiencies in the development of Convergence Products that the market will demand as regulatory restrictions are lifted.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties consider that such structural consolidation shall be achieved through a merger pursuant to the Companies General Law (the &#147;CGL&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Both Telecom Argentina and Cablevisi&#243;n are public companies in Argentina, therefore subject to exhaustive rules&nbsp;of information with annual, quarterly and urgent and immediate levels of disclosure in case relevant events that may affect the market price of their securities take place, pursuant to the rules&nbsp;of the National Securities Commission (&#147;Comisi&#243;n Nacional<i> de </i>Valores&#148;). As a result, each of the Parties has access to public information relating to the other, which allows it to prepare and make the documentation for the Merger (as such term is hereinafter defined) in the same terms of transparency as those existing for investors in the companies involved; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Having analyzed the terms on which such merger may be perfected, the Parties wish to undertake the applicable corporate and regulatory procedure.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW THEREFORE</font></b>, the Parties hereto agree to enter into this PRELIMINARY MERGER AGREEMENT, subject to the applicable shareholders&#146; approvals of Telecom Argentina and Cablevisi&#243;n pursuant to the terms of Section&nbsp;83 et seq. of the CGL, the Rules&nbsp;of the National Securities Commission and the other terms and conditions provided herein.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;One.</font></u> DEFINITIONS.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following capitalized terms shall have the meaning assigned to them as follows, except when the use of a capital letter exclusively responds to the grammatical rule&nbsp;that requires it at the beginning of a sentence, or applies to a proper noun:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;A Share of CV</u>&#148;: </font></b>means each of the 96,006 book entry Class&nbsp;&#147;A&#148; shares of common stock, with one vote each and a par value of Argentine pesos ten thousand each, issued by Cablevisi&#243;n and representing 80.005% of its capital stock, which are not listed in ByMA nor in any other exchange or market of Argentina or abroad.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;B Share of CV</u>&#148;: </font></b>means each of the 23,994 book entry Class&nbsp;&#147;B&#148; shares of common stock, with one vote each and a par value of Argentine pesos ten thousand each, issued by Cablevisi&#243;n and representing 19.995% of its capital stock, which are not listed in ByMA nor in any other exchange or market of Argentina or abroad.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;A Share of Telecom Argentina</u>&#148;: </font></b>means each of the 502,034,299 book entry Class&nbsp;&#147;A&#148; shares of common stock, with one vote each and a par value of one Argentine Peso, issued as of the date hereof by Telecom Argentina, originally authorized to be listed in the Buenos Aires Stock Exchange, but without actual trading in the securities market until the date hereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;B Share of Telecom Argentina</u>&#148;: </font></b>means each of the 482,111,931 book entry Class&nbsp;&#147;B&#148; shares of common stock, with one vote each and a par value of one Argentine Peso, issued as of the date hereof by Telecom Argentina that are listed in ByMA and of which 15,221,373 are treasury stock.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Class&nbsp;D Share of Telecom Argentina</u>&#148;: </font></b>means each of the book entry Class&nbsp;&#147;A&#148; shares of common stock, with one vote each and a par value of one Argentine Peso, convertible into Class&nbsp;B Shares, to be issued by Telecom Argentina as a result of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Technical Assistance Agreement</u>&#148;: </font></b>means the technical assistance agreement entered into between Cablevisi&#243;n and CVH in May&nbsp;2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Final Merger Agreement</u>&#148;: </font></b>means the final merger agreement to be entered into between Telecom Argentina and Cablevisi&#243;n for purposes of implementing this Merger, pursuant to the terms of Sections 82, 83 et seq. of the CGL and the terms of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Ordinary and Extraordinary Shareholders Meeting of Telecom Argentina</u>&#148;:</font></b> means an ordinary and extraordinary shareholders meeting to be called by Telecom Argentina to approve this Preliminary Merger Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Extraordinary Shareholders Meeting of Cablevisi&#243;n</u>&#148;:</font></b> means an extraordinary shareholders meeting to be called by Cablevisi&#243;n to approve the terms of this Preliminary Merger Agreement to be entered into pursuant to Section&nbsp;244 of the CGL.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM Authorization</u>&#148;: </font></b>means a resolution issued by the ENACOM authorizing: i) the Merger and ii) the registration of the records, resources,</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">assignations, permits, frequencies and authorizations held by Cablevisi&#243;n and/or the companies absorbed by Cablevisi&#243;n under the Digital Argentina Sole License held by Telecom Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Notice</u>&#148;:</font></b> means the notice to be published by Telecom Argentina and Cablevisi&#243;n pursuant to Section&nbsp;83 of the CGL for the exercise of the Opposition Rights of their respective creditors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">ByMA</u></b>&#148;<b>:</b> means Argentine Exchanges and Markets (&#147;Bolsas y Mercados Argentinos&#148;), the securities market successor, since April&nbsp;2017, of the operations of the Buenos Aires Securities Market S.A. (&#147;Mercado de Valores de Buenos Aires S.A.&#148;)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Agreement</u>&#148; or &#147;<u>Preliminary Merger Agreement</u>&#148;: </font></b>means this Preliminary Merger Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>CVH</u>&#148;: </font></b>means Cablevisi&#243;n Holding S.A., the holder of 34,425 Class&nbsp;A Shares of CV and 6,782 Class&nbsp;B Shares of CV.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decree 267/15</u>&#148;: </font></b>means the Decree of Need and Urgency No.&nbsp;267 issued on December&nbsp;29, 2015.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Decree 1340/16</u>&#148;: </font></b>means Decree No.&nbsp;1340 issued on December&nbsp;30, 2016, amending Decree 267/15.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Opposition Rights</u>&#148;: </font></b>means the rights arising from Section&nbsp;83 of the CGL so that within 15 days of the day following the last publication of the Notice by the companies intervening in the Merger, the holders of credits originated in a prior cause or title against the companies may oppose the Merger.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>EBITDA</u>&#148;: </font></b>means, with respect to a person and for the period in which such determination is made, its sales <i>minus </i>sales costs, marketing and management costs (excluding amortizations and depreciations), or, which is the same: the business&#146; earnings before depreciation and amortization, all determined pursuant to the International Financial Reporting Standards (&#147;IFRS&#148;) as reflected in the respective financial statements for the applicable period of Cablevisi&#243;n or Telecom Argentina, as applicable.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>ENACOM</u>&#148;: </font></b>means the Federal Communications Agency as applicable authority of Law No.&nbsp;27,078 of Digital Argentina and Information and Communications Services.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Merger&#146;s Special Consolidated Financial Statements</u>&#148;: </font></b>means the merger&#146;s special consolidated financial statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017 attached hereto as Schedule II, which were prepared based on the Merger&#146;s Special Individual Financial Statements of each of such companies.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Merger&#146;s Special Individual Financial Statements</u>&#148;: </font></b>means the merger&#146;s special individual financial statements prepared for Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017 attached hereto as Schedules I-A and I-B of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Fintech Media</u></b>&#148;<b>:</b> Means Fintech Media LLC, the holder of 17,212 Class&nbsp;B Shares of CV.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>New Shares</u>&#148;:</font></b> means 1,184,528,406 new book entry shares of common stock, with a par value of one Argentine peso and one vote each, which Telecom Argentina shall issue as a result of the Merger, to be delivered to Cablevisi&#243;n&#146;s shareholders, as Class&nbsp;A Shares of Telecom Argentina or Class&nbsp;D Shares of Telecom Argentina, as applicable, pursuant to the Exchange Ratio set forth herein and the other terms of this Preliminary Merger Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>Cablevisi&#243;n&#146; Notes</u>&#148;: </font></b>means the Class&nbsp;A notes (&#147;obligaciones negociables&#148;) issued by Cablevisi&#243;n with an initial par value of US$500,000,000, which are currently outstanding and due on June&nbsp;15, 2021.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Telecom&#146;s Corporate Reorganization</u></b>&#148;<b>:</b> means the merger by absorption of Nortel Inversora S.A., Sofora Telecomunicaciones S.A. and Telecom Personal S.A. by Telecom Argentina as Surviving Company as describe in the applicable merger prospectus issued by Telecom Argentina on May&nbsp;11, 2017 and published in the Financial Information Highway (&#147;Autopista de Informaci&#243;n Financiera&#148;) of the National Securities Commission.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">Audiovisual Communication Services</u></b>&#148;<b>:</b> means the audiovisual communication services regulated under Law No.&nbsp;26,522, as amended and complemented.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;<u>TIC Services</u>&#148;:</font></b> means the information technology and communication services regulated under Law No.&nbsp;27,078, as amended and complemented.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><u style="font-weight:bold;">VLG</u></b>&#148;<b>:</b> means VLG Argentina LLC, the holder of 61,581 Class&nbsp;A Shares of CV.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Two</font></u></b><b>. Merger.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties hereby agree on a merger by absorption of Cablevisi&#243;n, as Merged Company, by Telecom Argentina as Surviving Company, pursuant and subject to the terms of Sections 82 and 83 of the CGL, and within the tax framework provided by Sections 77 et seq. of Law No.&nbsp;20,628 of Income Tax and Section&nbsp;105 of its regulatory Decree No.&nbsp;1344/1998, and the terms of this Preliminary Merger Agreement, all of it subject to the approval of their respective shareholders&#146; meetings and the regulatory approvals and additional conditions set forth in Section&nbsp;Seven of this Agreement, and effective as of the Merger Effective Date (as such term is defined in Section&nbsp;Seven) (hereinafter, the &#147;<u>Merger</u>&#148;).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Three</font></u>.&#160; General Effects of the Merger.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resulting from the Merger agreed upon in Section&nbsp;Two and effective as of the Merger Effective Date: (i)&nbsp;the assets and liabilities of the Merged Company shall be transferred in their entirety to the Surviving Company, causing Telecom Argentina to acquire ownership of all rights and assets and assume all obligations and liabilities of any nature of Cablevisi&#243;n including (a)&nbsp;those rights and liabilities that, for any reason, have not been included in the Merger&#146;s Special Individual Financial Statement, including all rights, assets and liabilities arising or discovered after the end date of the Merger&#146;s Special Individual Financial Statements as a result of events or activities prior to such end date; (b)&nbsp;those rights and liabilities of the Merged Company arising from the relationships with its personnel, which personnel shall become directly dependent of Telecom Argentina, and whose seniority, benefits and all other acquired rights shall be respected; and (c)&nbsp;the licenses, records, resources, assignations, permits and authorizations of Cablevisi&#243;n and/or the companies absorbed by Cablevisi&#243;n and/or authorizations of any kind; (ii)&nbsp;Telecom Argentina shall be the successor of all activities, operations, assets, liabilities, rights and obligations of Cablevisi&#243;n as of the Merger Effective Date as well as any of those that may arise from any conducts prior or subsequent thereto; (iii)&nbsp;Cablevisi&#243;n shall dissolve without liquidation; (iv)&nbsp;Telecom Argentina shall increase its capital stock and amend its bylaws pursuant to the terms set forth in Schedule IV of this Agreement; and (v)&nbsp;all holders of Cablevisi&#243;n shares shall be considered shareholders of Telecom Argentina as from the Merger Effective Date, including the exercise of their economic and political rights to the extent of the Exchange Ratio set forth in this Agreement.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Four</font></u>. Amendment of the Bylaws of Telecom Argentina. </b><b>New Capital Structure.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the terms of the Merger, Telecom Argentina shall amend its Bylaws in accordance with the terms set forth in Schedule IV of this Agreement. In addition, as a result of the Merger and taking into account the proposed Exchange Ratio, Telecom Argentina shall increase its capital stock in an amount of Argentine pesos 1,184,528,406. Accordingly, Telecom Argentina shall issue 1,184,528,406 book entry ordinary shares with a par value of one Argentine peso and one vote each (<i>minus</i> any applicable number of shares corresponding to fractions of shares paid in cash), of which, taking into account the direct and indirect shareholdings of Fintech Media and CVH in Cablevisi&#243;n as of the date of this Agreement: (i)&nbsp;473,836,040 shall be Class&nbsp;A Shares of Telecom Argentina and (ii)&nbsp;710,692,366 shall be Class&nbsp;D Shares of Telecom Argentina; which shall be delivered to the shareholders of Cablevisi&#243;n pursuant to the Exchange Ratio and other terms of this Agreement. Both the Class&nbsp;A Shares of Telecom Argentina and the Class&nbsp;D Shares of Telecom Argentina to be delivered to Cablevisi&#243;n&#146;s shareholders shall be freely convertible into Class&nbsp;B Shares of Telecom Argentina and shall have certain supermajority special rights for the approval of the matters set forth in the form of Amended Bylaws of Telecom Argentina attached hereto as Schedule IV. These amendments</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to be introduced into the Bylaws of Telecom Argentina shall become effective as of the Merger Effective Date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Five</font></u>. Shares Exchange Ratio.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exchange Ratio</u>. The Parties have agreed to propose to their respective shareholders&#146; meetings the following Exchange Ratio of shares of common stock of Cablevisi&#243;n to shares of common stock of Telecom Argentina: 1 share of common stock of Cablevisi&#243;n (either a Class&nbsp;A Share of Cablevisi&#243;n or a Class&nbsp;B Share of Cablevisi&#243;n) for every 9,871.07005 New Shares of Telecom Argentina, as applicable pursuant to the terms of this Agreement (the &#147;<u>Exchange Ratio</u>&#148;). Such ratio has been based on an amount of outstanding Telecom Argentina shares of 969,159,605 (excluding the 15,221,373 Class&nbsp;B Shares of Telecom Argentina repurchased by Telecom Argentina and currently held as treasury stock) and an amount of outstanding Cablevisi&#243;n shares of 120,000. Any fractions or decimal numbers of shares resulting from the exchange made to any shareholder shall be paid in cash at the offices of Telecom Argentina on the day and time that shall be in turn announced for the shares exchange. Liquidation of the fractions shall be made following the procedures set forth by applicable law.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 39.3pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Mechanism of Determination of the Exchange Ratio. </u><u>Valuations</u>.</p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proposed Exchange Ratio has been determined by the Parties subject to the approval by their respective shareholders meetings, taking into account, among others, the value ranges resulting from the application of the following valuation methods to both companies: a) the net present value of discounted cash flows of each company; b) the valuation multiples of comparable businesses; and c)&#160; the trade market value of the Class&nbsp;B Shares of Telecom Argentina and the Cablevisi&#243;n shares, taking into account for the Cablevisi&#243;n shares their implicit trade value incorporated in the trade market value of the Class&nbsp;B shares of Grupo Clar&#237;n S.A. (CVH&#146;s predecessor) as parent company of Cablevisi&#243;n. Schedule III hereto explains the methodology of calculation of the Exchange Rate.</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Exchange Ratio was considered fair from a financial standpoint, as of the date of the applicable opinion and in accordance to its terms, by two professional appraisers not related to any of the companies involved. For such purpose, Telecom Argentina hired JP Morgan Securities LLC and Cablevisi&#243;n hired LionTree Advisors LLC, two first tier international firms with expertise in merger transactions and a high specialization in the TIC Services (the &#147;<u>Independent Appraisers</u>&#148;), each of whom issued its respective Fairness Opinion on the Exchange Ratio for its consideration by Telecom Argentina&#146;s Board of Directors, with respect to JP Morgan Securities LLC, and by Cablevisi&#243;n&#146;s Board of Directors, with respect to LionTree Advisors LLC.</font></p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For purposes of issuing their Fairness Opinions on the Exchange Ratio, the Independent Appraisers respectively applied the valuation methods that each of them generally applies in procedures similar to this, including, among others, the methods mentioned in a) to c) above.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Allocation of Shares by Exchange Ratio</u>. Pursuant to the Exchange Ratio, the Parties have agreed to propose to their shareholders that the New Shares to be issued by Telecom Argentina be allocated to the holders of shares of common stock of Cablevisi&#243;n as follows:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fintech Media: pursuant to the Exchange Ratio, Fintech Media should receive 169,900,857.70 shares, as a result of which the Parties have proposed that Fintech Media receive 169,900,858 New Class&nbsp;A Shares of Telecom Argentina in exchange for 17,212 Class&nbsp;B shares issued by Cablevisi&#243;n and held by Fintech Media;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH: pursuant to the Exchange Ratio, CVH should receive 406,757,183.55 shares, as a result of which the Parties have proposed that CVH receive 406,757,183 New Shares Class&nbsp;D in exchange for 41,207 shares (34,425 Class&nbsp;A Shares of CV and 6,782 Class&nbsp;B Shares of CV) issued by Cablevisi&#243;n and held by CVH;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>VLG: pursuant to the Exchange Ratio, VLG should receive 607,870,364.75 shares, as a result of which the Parties have proposed that VLG receive 607,870,365 New Shares in exchange for 61,581 Class&nbsp;A Shares issued by Cablevisi&#243;n and held by VLG. Such New Shares of common stock issued by Telecom Argentina shall be divided between New Class&nbsp;A Shares and New Class&nbsp;D Shares and delivered to VLG <i>pro rata</i> Fintech Media and CVH&#146;s shareholdings in VLG as of the Merger Effective Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 31.5pt;text-indent:4.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exchange Ratio Adjustments</u>. (a)&nbsp;The Parties have agreed to allow both Telecom Argentina and Cablevisi&#243;n to distribute cash dividends to their respective shareholders prior to the Merger Effective Date, in which case any one or more cash distributions made as from the date of this Agreement and before the Merger Effective Date shall cause an adjustment of the Exchange Ratio pursuant to the following terms: (i)&nbsp;for purposes of calculating any Exchange Ratio adjustments, the following prices per share proportional to the Exchange Ratio shall be used as a reference: US$ 5.1591 per each outstanding share of Telecom Argentina and US$ 50,925.93 per each outstanding share of Cablevisi&#243;n; (ii)&nbsp;the above mentioned United States dollars per share reference value to be taken into account to calculate the adjustments to the Exchange Ratio of the Company that makes a dividend</p>
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<p style="margin:0in 0in .0001pt 31.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">distribution shall be reduced in an amount equal to the United States dollars per share amount corresponding to the dividend paid, and the Exchange Ratio shall be calculated again taking into account such lower reference value per share of the company that has made the dividend distribution. If the dividends are paid in Argentine pesos, the United States dollar&#146;s value of such dividend shall be calculated taking into account the wholesale exchange rate pursuant to Communication A-3500 of the Argentine Central Bank published for the closing of the business day immediately prior to the date on which the applicable dividend has been made available in Argentina; (b)&nbsp;if any extraordinary event that significantly alters the ordinary course of business of one or both companies before the Merger Effective Date occurs, the Parties shall acknowledge such event and its effects and shall agree on the Exchange Ratio&#146;s adjustments that may correspond, (c)&nbsp;no provisional or regular dividend distribution that may be made by Nortel Inversora S.A. or Sofora Telecomunicaciones S.A. before their merger by absorption into Telecom Argentina, even if those distributions made by Nortel Inversora S.A. or Sofora Telecomunicaciones S.A. are thereafter consented by Telecom Argentina, shall be considered the cause for an Exchange Ratio adjustment, (d)&nbsp;none of the following shall be considered the cause for an Exchange Ratio adjustment (i)&nbsp;payment of the second installment of the dividends approved by an ordinary annual and extraordinary shareholders meeting of Cablevisi&#243;n held on March&nbsp;30, 2017 for an amount of up to US$ 50,000,000 (United States dollars fifty million), which shall be paid following the date hereof; and (ii)&nbsp;an amount of up to US$ 50,000,000 as dividends that Telecom Argentina may approve and pay at any time before the Merger Effective Date.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Six</font></u>. Capital Increase of Telecom Argentina.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger and pursuant to the proposed Exchange Ratio, Telecom Argentina shall make a capital increase of Argentine pesos one thousand one hundred eighty four million five hundred twenty eight thousand four hundred six (AR$ 1,184,528,406) and shall issue an aggregate amount of 1,184,528,406&#160; New Shares on the Merger Effective Date. As a result, following the Merger Effective Date the capital stock of Telecom Argentina shall be AR$ 2,168,909,384 or the amount resulting from any Exchange Ratio adjustments that may correspond.-</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Seven</font></u>.&#160; Merger Effective Date and conditions precedent.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Merger shall be effective at 12 AM of the date on which the Presidents of the Boards of Directors of the Parties (hereinafter, the &#147;<u>Merger Effective Date</u>&#148;) execute a minute reflecting the transfer of operations, in which the following is recorded in writing: (i)&nbsp;Telecom Argentina has set up its technical-operational systems to assume&#160; Cablevisi&#243;n&#146;s operations and activities; and (ii)&nbsp;as of the Merger Effective Date the transfer of all operations and activities of the Merged Company into</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecom Argentina is perfected because the following conditions, to which the Merger is subject, have been fulfilled:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 117.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Final Merger Agreement has been executed; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 117.35pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the ENACOM Authorization has been obtained.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">As from the Merger Effective Date,</font> Telecom Argentina shall continue with the Merged Company&#146;s operations, causing the applicable operative, accounting and tax effects. As of such date, all assets and liabilities of Cablevisi&#243;n, as Merged Company, including recordable assets, rights and obligations, shall be incorporated into Telecom Argentina, as Surviving Company and successor.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Eight</font></u>.&#160; Reasons and Purposes of the Merger.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;83, Subsection 1), paragraph a), of the CGL, the Parties hereby declare that the Merger agreed upon in this Agreement is made for the purpose of allowing the Parties to offer Convergence Products pursuant to applicable law in an efficient way and as rapidly as possible.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Nine</font></u>. Accounting Documents. Merger&#146;s Special Individual Financial Statements and Merger&#146;s Special Consolidated Financial Statements.</b><b> Parties&#146; Representations.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The following documents constitute a part of this Agreement: (i)&nbsp;the Merger&#146;s Special Individual Financial Statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017, attached hereto as Schedules I (A)&nbsp;and I (B), respectively; (ii)&nbsp;the Merger&#146;s Special Consolidated Financial Statements as of March&nbsp;31, 2017, attached hereto as Schedule II; (iii)&nbsp;the methodology by which the Exchange Ratios were calculated, attached hereto as Schedule III; (iv)&nbsp;Form&nbsp;of Amended Bylaws of Telecom Argentina attached as Schedule IV; and (v)&nbsp;List of Transactions with Cablevisi&#243;n&#146;s Related Parties (Schedule V). The accounting documents referred to in Schedules I (A)&nbsp;and I (B), and II were prepared by the Parties&#146; managers on uniform bases and identical valuation criteria, executed by their respective legal representatives, with reports from their respective Supervisory Committees, and certified by a Certified Public Accountant. In particular, the Merger&#146;s Special Individual Financial Statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017 are certified by Independent External Auditors, pursuant to the applicable auditing rules. The Merger&#146;s Special Consolidated Financial Statements as of March&nbsp;31, 2017 are certified by Independent External Auditors, as required by the Argentine Securities Commission. All Schedules shall be made available to the shareholders and, in turn, the financial statements shall be copied in the applicable corporate books.</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n hereby represents to Telecom Argentina as of the date of this Preliminary Merger Agreement:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The capital stock of Cablevisi&#243;n is Argentine pesos 1,200,000,000, consisting of 96,006 Class&nbsp;A shares with a par value of ten thousand Argentine pesos and one vote per share and 23,994 Class&nbsp;B shares with a par value of ten thousand Argentine pesos and one vote per share. All such shares are fully subscribed and paid, and are not subject to any lien; there are no irrevocable contributions for the future subscription of shares which capitalization is pending, there are no options, warrants, securities convertible or exchangeable into shares nor any other rights of third parties to claim the issuance of new shares of any class of Cablevisi&#243;n;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cablevisi&#243;n is a corporation (&#147;sociedad an&#243;nima&#148;) duly organized and registered before the Office of Corporations (&#147;Inspecci&#243;n General de Justicia&#148;) and has the corporate power to execute this Preliminary Merger Agreement and to carry out the Merger in accordance with the terms provided for in this Preliminary Merger Agreement; the execution of this Preliminary Merger Agreement has been approved by the Board of Directors of Cablevisi&#243;n at its meeting held on June&nbsp;30, 2017;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Merger&#146;s Special Individual Financial Statements of Cablevisi&#243;n as of March&nbsp;31, 2017 reasonably reflect the economic and financial position of Cablevisi&#243;n and have been audited by Price Waterhouse&nbsp;&amp; Co. As from the date of these financial statements, no events have occurred which may have caused a material adverse effect in the economic and financial position of Cablevisi&#243;n or in the results of its operations; there are no material liabilities that should have and have not been reflected in such financial statements or that are not properly provisioned in accordance with the applicable accounting rules;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the public information filed by Cablevisi&#243;n before the National Securities Commission at the Internet site of such Commission does not contain any untrue statement of a material fact or omits to state any material fact necessary to make such information, in light of the circumstances in which it was filed, not misleading;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except for the transactions described in the quarterly financial statements of Cablevisi&#243;n as of March&nbsp;31, 2017 and in Schedule V to this Agreement, there are no other related party agreements that may be transferred to Telecom Argentina as a result of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>has received a Fairness Opinion from LionTree Advisors LLC, which considers that the Exchange Ratio is fair.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina hereby represents to Cablevisi&#243;n as of the date of this Preliminary Merger Agreement:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The capital stock of Telecom Argentina is AR$ 984,380,978, consisting of 502,034,299 Class&nbsp;A Shares with a par value of one Argentine peso and one vote per share; 482,111,931 Class&nbsp;B Shares with a par value of one Argentine peso and one vote per share; and 234,748 Class&nbsp;C Shares with a par value of one Argentine peso and one vote per share. Out of the aggregate of shares representing Telecom Argentina&#146;s capital stock, 15,221,373 Class&nbsp;B Shares have been repurchased by Telecom Argentina and are held as treasury stock, as a result of which the number of outstanding shares on which the calculation of the Exchange Ratio has been made amounts to 969,159,605. All such shares are fully subscribed and paid, and are not subject to any lien; there are no irrevocable contributions for the future subscription of shares which capitalization is pending, there are no options, warrants, securities convertible or exchangeable into shares nor any other rights of third parties to claim the issuance of new shares of any class of Telecom Argentina;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Telecom Argentina is a corporation (&#147;sociedad an&#243;nima&#148;) duly organized and registered before the Office of Corporations (&#147;Inspecci&#243;n General de Justicia&#148;) and has the corporate power to execute this Preliminary Merger Agreement and to carry out the Merger in accordance with the terms provided for in this Preliminary Merger Agreement; the execution of this Preliminary Merger Agreement has been approved by the Board of Directors of Telecom Argentina at its meeting held on June&nbsp;30, 2017;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Merger&#146;s Special Individual Financial Statements of Telecom Argentina as of March&nbsp;31, 2017 reasonably reflect the economic and financial position of Telecom Argentina and have been audited by Price Waterhouse&nbsp;&amp; Co. As from the date of these financial statements, no events have occurred which may have caused a material adverse effect in the economic and financial position of Cablevisi&#243;n or in the results of its operations; there are no material liabilities that should have and have not been reflected in such financial statements or that is not properly provisioned in accordance with the applicable accounting rules;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">d.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the public information filed by Telecom Argentina before the National Securities Commission at the Internet site of such Commission does not contain any untrue statement of a material fact or omits to state any material fact necessary to make such information, in light of the circumstances in which it was filed, not misleading;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">e.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except for the transactions described in the quarterly financial statements as of March&nbsp;31, 2017 there are no other agreements with related parties of Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 74.75pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">f.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>has received a Fairness Opinion from JP Morgan Securities LLC, which considers that the Exchange Ratio is fair.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Ten</font></u></b><b>. Bylaws Amendment.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a result of the Merger, Telecom Argentina shall adjust and amend its Bylaws in accordance with the form attached hereto as Schedule IV. Consideration of such amendment by Telecom Argentina&#146;s shareholders shall be a special part of the Agenda to be discussed at the Extraordinary Shareholders Meeting to be called for the consideration of this Agreement and shall become effective only as from the Merger Effective Date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Eleven</font></u></b><b>. Opposition Rights. Final Merger Agreement.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Once this Agreement and the other Merger documentation has been approved by the respective shareholders meetings of both Parties, and the Notice has been published and the applicable waiting periods relating to the creditors&#146; Opposition Rights have expired, the applicable Final Merger Agreement shall be executed by public deed. Pursuant to Decree 267/15, the Final Merger Agreement may be executed subject to the applicable ENACOM authorizations. In addition, the identifying data of the real estate, vehicles and other registrable assets that require identification as a result of the Merger, shall be included in the same public deed, as a result of the Merger, shall be incorporated to the Surviving Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;12</font></u></b><b>. Corporate Authorizations. Rescisi&#243;n.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties hereby represent that the terms of this Agreement, as well as all the documents attached hereto as schedules, have been approved by a Board resolution of each of the Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n hereby agrees to call its Extraordinary Shareholders Meeting and Telecom hereby agrees to call its Ordinary and Extraordinary Shareholders Meeting within the applicable legal periods, to be held on the same day, for purposes of considering the Merger and all its relating documents pursuant to applicable law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties may propose and accept amendments to the terms of the Preliminary Merger Agreement until the applicable corporate authorization is obtained. If despite the proposed amendments, approval of the Merger is not obtained by both of the shareholders meetings within six (6)&nbsp;months of the date hereof, any of the Parties may unilaterally terminate this Preliminary Merger Agreement. Termination of this agreement may also be requested pursuant to Section&nbsp;87 of the CGL.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Thirteen</font></u></b><b><font style="font-weight:bold;">. </font>Business Management and Warranties for Compliance with an Ordinary Administration.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Business Limitations. The Parties hereby agree to continue with their ordinary course of business and the ordinary course of their operations and not to become involved in any extraordinay operations or activities that may affect the valuation of the companies or the pre-established Exchange Ratio. The Companies may: (i)&nbsp;distribute cash dividends, both provisional and/or definitive, before the Merger Effective Date, (ii)&nbsp;issue notes (&#147;obligaciones negociables&#148;) with or without a public offering, and obtain bank loans from local or international financial markets as long as the borrower&#146;s aggregate level of financial net liabilities is not higher than three (3)&nbsp;times the company&#146;s EBITDA level of the twelve month period immediately prior to the date of determination.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As from the Merger Effective Date, the management and representation of Cablevisi&#243;n shall be in charge of the managers and representatives of Telecom Argentina pursuant to the terms of Section&nbsp;84 of the CGL and Telecom Argentina&#146;s bylaws. The Parties shall indicate which officers shall perform all the acts and execute the documents that might be necessary to perform or execute in the name of the Merged Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Warranties. The Parties agree on the following warranties for complying with a normal management activity until the Merger Effective Date:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Supervisory Committee</u>. The Parties hereby agree to organize a Supervisory Committee with eight (8)&nbsp;members, four (4)&nbsp;appointed by Telecom Argentina and four (4)&nbsp;appointed by Cablevisi&#243;n, who shall be in charge of supervising the companies&#146; activities in order to ensure compliance with the ordinary course of business and the ordinary course of operations of each company as well as compliance with the contractual conditions with their respective related parties. The members of such committee shall maintain the confidentiality of any information of any of the companies to which they may gain access, and shall only inform the companies&#146; respective board of directors of any situations detected by them that may affect the ordinary course of business and the ordinary course of operations or the Exchange Ratio.&#160; In addition, the members of such Committee shall request any information that may be necessary to prepare Form&nbsp;F-1 to be filed before the National Antitrust Commission (&#147;Comisi&#243;n Nacional de Defensa de la Competencia&#148;) pursuant to applicable law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related Party Transactions</font></u>. The Parties hereby agree that any transaction they may enter into or agree to enter into with their respective related parties shall be based on two parameters: (i)&nbsp;that such transaction be convenient for the applicable company; and (ii)&nbsp;that it is made on &#147;market&#148; terms. For purposes of determining if a transaction is made on &#147;market terms&#148; or not, the following shall be</p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">considered: (1)&nbsp;if its terms are at least as favorable for the company as they are favorable for the rest of the non related counterparties of the related party in the same subject; (2)&nbsp;if its terms are at least as favorable for the company as the terms offered by any other provider similar or reasonably comparable to the applicable related party; (3)&nbsp;the existing &#147;market&#148; parameters, if any, published by chambers of commerce or specialized publications; and (4)&nbsp;the determination made by an independent expert appointed by the company&#146;s representatives, in case they consider it necessary.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Fourteen</font></u>. Regulatory Authorizations. Administrative Authorizations and Approvals by Securities Exchanges and Markets.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Parties hereby agree to submit as soon as possible, and in any case in compliance with applicable deadlines, all the requests for authorizations that may be necessary for purposes of furthering and perfecting the Merger, before regulatory and administrative authorities and Argentine and foreign securities Exchanges, including the Argentine Securities Commission, the Buenos Aires Stock Exchange, the BYMA, the ENACOM, the United States Securities and Exchange Commission, the New York Stock Exchange, the National Antitrust Commission and any other governmental or other kind of entity as may be necessary.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Fifteen</font></u></b><b>. Other Agreements.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Technical Assistance Agreement</u>. Cablevisi&#243;n agrees to terminate the Technical Assistance Agreement before the Merger Effective Date in such a way that as of the Merger Effective Date no pending payment obligations nor responsibilities or adverse consequences exist for Cablevisi&#243;n that may be transferred to Telecom Argentina as a result of the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Restrictions to the Distribution of Dividends</u>. (a)&nbsp;Cablevisi&#243;n agrees to call, as soon as possible following the Extraordinary Shareholders Meetings of Telecom Argentina and Cablevisi&#243;n, a meeting of holders of Cablevisi&#243;n Notes in order to subject to their consideration the amendment of the contractual restrictions set forth in the terms and conditions of issuance of Cablevisi&#243;n&#146;s notes, so that, if such amendment is approved, the above mentioned restrictions: (i)&nbsp;are not transferred to Telecom Argentina with respect to the distribution of the aggregate realized and liquid profits of Telecom Argentina earned or existing before the Merger Effective Date, and (ii)&nbsp;following the Merger Effective Date, are applicable to Telecom Argentina solely in the same terms as those existing in the financial obligations of Telecom Argentina; (b)&nbsp;Cablevisi&#243;n agrees not to assume any contractual restriction to the distribution of dividends additional to the existing restrictions, that may be transferred to Telecom Argentina as a result of the Merger.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="PB_16_090453_3736"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Regulatory Aspects</u>.&#160; Taking into account the temporary restriction imposed on Telecom Argentina to provide the Television Subscription Services by Physical Link and/or Radio Electrical Link, the Merger Effective Date is subject, among other conditions, to obtaining the ENACOM Authorization, which is the Regulatory Authority in charge of ensuring compliance with Decree No.&nbsp;267/2015 and 1340/2016, and the Parties hereby agree to make their best efforts to obtain such authorization.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section&nbsp;Sixteen</font></u>. Applicable Law and Jurisdiction.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Preliminary Merger Agreement is governed by Argentine laws. Any conflicts arising from the interpretation or performance of this Agreement shall be submitted to the jurisdiction of the Ordinary Commercial Courts of the City of Buenos Aires and the Parties hereby expressly waive any other jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the Parties execute six (6)&nbsp;counterparts to the same and only effect, one for each of the Parties and the other four (4)&nbsp;for their submittal before the Argentine Securities Commission, the Buenos Aires Stock Exchange, the National Antitrust Commission and the ENACOM, respectively.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Telecom Argentina S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mariano M. Ib&#225;&#241;ez - President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">By Cablevisi&#243;n S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro A. Urricelqui - President</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULES TO THE PRELIMINARY MERGER AGREEMENT:</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules I (A)&nbsp;and I (B)</font></u>: Merger&#146;s Special Individual Financial Statements of Telecom Argentina and Cablevisi&#243;n as of March&nbsp;31, 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedules II:</font></u> Merger&#146;s Special Consolidated Financial Statements as of as of March&nbsp;31, 2017.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule III:</font></u> Methodology of calculation of the Exchange Ratio.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Schedule</font> I</font></u><u>V</u>: Form&nbsp;of Amended Bylaws of Telecom Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Schedule</font> V</font></u>: List of Transactions with Cablevisi&#243;n&#146;s Related Parties.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="PB_18_090618_8715"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule I (A)</font></u></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger&#146;s Special Individual Financial Statements of Telecom Argentina</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as of March&nbsp;31, 2017</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="PB_19_090725_3142"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule I (B)</font></u>:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger&#146;s Special Individual Financial Statements of Cablevisi&#243;n</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as of March&nbsp;31, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">20<a name="PB_20_090735_563"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule II:</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger&#146;s Special Consolidated Financial Statements as of as of March&nbsp;31, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_090806_9497"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule III:</font></u> Methodology of calculation of the Exchange Ratio</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of Telecom   Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969,159,605</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholding of   T. Argentina combined</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New shares total</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,153,688,011</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares to be   delivered to Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,184,528,406</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares of   Cablevisi&#243;n</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exchange   ratio: shares of Telecom Argentina per each share of Cablevisi&#243;n</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9,871.07005</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   of Telecom Argentina S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000,000,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Shares   of Telecom Argentina S.A.</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">969,159,605</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   per share of Telecom (2)</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.16</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   of Cablevisi&#243;n S.A. (USD)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,111,111,111</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number of Shares   of Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,000</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="83%" valign="top" style="padding:0in 0in 0in 0in;width:83.34%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference Value   per share of Cablevisi&#243;n S.A. (2)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.16%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50,925.93</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;Does not include 15,221,373 of treasury stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;Determined for the sole purpose of adjusting the exchange ratio.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="PB_22_090927_3641"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule I</font></u><u>V</u>: Form&nbsp;of Amended Bylaws of Telecom Argentina</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="PB_23_090944_5250"></a></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule V</font></u>: List of Transactions with Cablevisi&#243;n&#146;s Related Parties</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="PB_24_090951_7672"></a></p>
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<TYPE>EX-99.3
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<DESCRIPTION>EX-99.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.3</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Execution Version</font></i></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHAREHOLDERS AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This SHAREHOLDERS AGREEMENT (as amended, modified or supplemented from time to time, the &#147;<u>Agreement</u>&#148;) dated as of July&nbsp;7, 2017, is entered into by and among VLG Argentina LLC, a limited liability company organized and existing under the laws of the State of Delaware, USA (&#147;<u>VLG</u>&#148;), Cablevisi&#243;n Holding S.A., a company organized and existing under the laws of Argentina (&#147;<u>CVH</u>&#148;, and together with CVH&#146;s Permitted Transferees and any Affiliate or Permitted Holder of CVH that becomes the holder of Company Shares upon a VLG Split Off or upon acquisition of Company Shares from any Person other than a CVH Party, the &#147;<u>CVH Parties</u>&#148;, and each a &#147;<u>CVH Party</u>&#148;), Fintech Telecom, LLC, a limited liability company organized and existing under the laws of the State of Delaware, USA (&#147;<u>FT</u>&#148;), Fintech Media, LLC, a limited liability company organized and existing under the laws of the State of Delaware, USA (&#147;<u>FIA</u>&#148;), and Fintech Advisory,&nbsp;Inc., a corporation organized and existing under the laws of the State of Delaware, USA (&#147;<u>Fintech Advisory</u>&#148;, and together with FT, FIA and any of their respective Permitted Transferees and any Affiliate of Fintech Advisory that becomes the holder of Company Shares upon a VLG Split Off or upon acquisition of Company Shares from any Person other than a Fintech Party, the &#147;<u>Fintech Parties</u>&#148;, and each a &#147;<u>Fintech Party</u>&#148;), and GC Dominio S.A., a company organized and existing under the laws of Argentina (&#147;<u>Dominio</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WITNESSETH:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Fintech Advisory is the parent company of FT and FIA;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, FT is the direct controlling shareholder of Sofora Telecomunicaciones S.A., (&#147;<u>Sofora</u>&#148;), Sofora is the controlling shareholder of Nortel Inversora S.A. (&#147;<u>Nortel</u>&#148;), Nortel is the controlling shareholder of Telecom Argentina S.A. (&#147;<u>TEO</u>&#148;), and TEO is the controlling shareholder of Telecom Personal S.A. (&#147;<u>Personal</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Sofora, Nortel, TEO, and Personal have entered into a preliminary reorganization agreement (<i>Compromiso Pr&#233;vio de Fusi&#243;n</i>), dated March&nbsp;31, 2017, pursuant to which Sofora, Nortel and Personal will be merged into TEO, which will be the surviving entity, and Sofora, Nortel and Personal will be dissolved without liquidation and all of their respective assets and liabilities will be transferred to TEO in accordance with Argentine Corporate Law and the terms of the preliminary reorganization agreement (the &#147;<u>Reorganization</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Cablevisi&#243;n S.A., a company organized and existing under the laws of Argentina (&#147;<u>Cablevisi&#243;n</u>&#148;), and TEO have entered into a preliminary merger agreement (<i>Compromiso Previo de Fusi&#243;n</i>) dated June&nbsp;30, 2017 (the &#147;<u>Preliminary Merger Agreement</u>&#148;) pursuant to which Cablevisi&#243;n will be merged into TEO, following which the Company will be the surviving entity and Cablevisi&#243;n will be dissolved without liquidation and all of its assets and liabilities transferred to the Company, as applicable, in accordance with Argentine Corporate Law and the terms of the Preliminary Merger Agreement (the &#147;<u>Merger</u>&#148;); and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, each of the CVH Parties and each of the Fintech Parties deem it in their best interest and in the best interest of their respective Affiliates and the Company to regulate certain of their rights in connection with their interests in TEO and the Company and desire to enter into this Agreement to effectuate its purposes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations hereinafter set forth and intending to be legally bound hereby, the parties hereto hereby agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;I</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Defined Terms</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other Defined Terms</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interpretation</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="13%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;II</font></p>    </td>
<td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATE GOVERNANCE</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Shareholders</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Directors</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Matters for   Consideration by the Board</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.4.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Voting</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.5.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Meetings</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
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<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.6.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cooperation</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.7.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Election of Management</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.8.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Trust</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.9.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parties Prior Meetings</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;III</font></p>    </td>
<td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REPORTS,&nbsp;INSPECTION   RIGHTS AND OTHER FINANCIAL MATTERS</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right to Inspect   Records</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Reporting</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder Meeting   with Management</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.4.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ethical Business   Practices</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:13.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IV</font></p>    </td>
<td width="77%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:77.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFER OF COMPANY   SHARES</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Restriction on   Transfers; Transfers to Permitted Transferees</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right of First Refusal</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Along Rights</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.4.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restrictions on   Encumbrances on Shares</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.6.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Determination of Fair   Market Value</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.7.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Extension of Time   Periods for Governmental Approvals</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.8.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drag Along Rights</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="13%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:13.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V</font></p>    </td>
<td width="78%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:78.26%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITTEN OFFERS</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwritten Offerings</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Undertakings of the   Company</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Piggyback Rights</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.4.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocation of   Securities</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI</font></p>    </td>
<td width="78%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RESTRICTIONS;   COMMITMENTS</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Opportunities</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidentiality</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
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<td width="484" style="border:none;"></td>
<td width="61" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">i<a name="PB_i_123246_7259"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(continued)</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="68%" valign="bottom" style="padding:0in 0in 0in 0in;width:68.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="8%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:8.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>    </td>   </tr>
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<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.4.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Listing of Class&nbsp;B   Stock</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.5.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Policies</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.7.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acquisition of Company   Shares</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="12%" valign="top" style="padding:0in 0in 0in 0in;width:12.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VII</font></p>    </td>
<td width="78%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:78.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.1.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflicting Agreements</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.2.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Further Assurances</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.3.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment and Waiver</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.4.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.5.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective Date</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.6.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire Agreement</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.7.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors and Assigns</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.8.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.9.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remedies</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.10.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.11.</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dispute Resolution</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="68%" valign="top" style="padding:0in 0in 0in 0in;width:68.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:23.08%;">
<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.12.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arbitration</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.13.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsibility of the   Company and Directors</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="bottom" style="padding:0in 0in 0in 0in;width:8.58%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 46.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.14.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;I</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIONS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.1.&nbsp;&nbsp;<u>Certain Defined Terms</u>.&#160; The following terms shall have the following respective meanings:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Affiliate</u>&#148; means, with reference to a specific Person, any Person that at the time of determination of Affiliate status directly or indirectly, whether through one or more intermediaries, is the Controlling Person of, a Controlled Person of or is under common Control with, such specific Person; <i>provided</i> that no Shareholder shall be deemed an Affiliate of any of the other Shareholders solely by reason of any investment in the Company; and <i>provided, further</i>, that neither the Company nor any Controlled Company shall be deemed an Affiliate of any Shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agreement Ownership Percentage</u>&#148; means, with respect to any Shareholder, the amount of Company Shares held by such Shareholder divided by the amount of Company Shares held by all Shareholders subject to this Agreement, expressed as a percentage.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Annual Budget</u>&#148; means the comprehensive annual plan of revenues, expenses, capital expenditures, and cashflows of the Company substantially in the form of <u>Annex A</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Asset Sale</u>&#148; means any direct or indirect sale, conveyance, transfer or lease (that has the effect of a disposition and is not for security purposes) or other disposition (that is not for security purposes) to any Person, other than the Company or a Subsidiary of the Company, in one transaction or a series of related transactions by the Company or a Subsidiary of the Company (including, without limitation, by way of merger, consolidation or Sale and Leaseback Transaction), of (a)&nbsp;any Capital Stock of any Subsidiary of the Company, (b)&nbsp;all or substantially all of any assets of the Company or any Subsidiary of the Company representing a division or line of business, (c)&nbsp;any material license or authorization of the Company or any Subsidiary of the Company pertaining to a TIC Business, or (d)&nbsp;any other properties or assets of the Company or any Subsidiary of the Company other than in the ordinary course of business.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:38.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Board</u>&#148; means the board of directors of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bona Fide Financings</u>&#148; means indebtedness for borrowed money incurred by a Shareholder with a Bona Fide Third Party that is negotiated at an arms&#146; length basis, including in the form of repurchase transactions, and which may or may not be secured, that does not result in such third party taking solely direct or indirect equity risk in respect of the Company, and provided that prior to or at the time of the Transfer of any Company Shares to such Bona Fide Third Party, such Bona Fide Third Party has agreed in the documentation setting forth the terms and conditions of such financing (x)&nbsp;to subject any further Transfer of such Company Shares to compliance with the terms of Section&nbsp;4.2 of this Agreement and that, except for the transferor of such Company Shares to such Bona Fide Third Party Purchaser, no other Person shall be a Permitted Transferee, and (y)&nbsp;to authorize the Shareholder party to such financing to disclose to the other Shareholders the name of the Bona Fide Third Party involved, the term of such financing, and the class and number of Company Shares involved, and the Shareholder shall confirm to the other Shareholders that such documentation for the financing contains the agreements in clauses (x)&nbsp;and (y).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bona Fide Third Party</u>&#148; means (i)&nbsp;any financial institution of internationally- or nationally-recognized reputation established in any country that is a member of the OECD or Argentina and, solely in the case of a Bona Fide Financing where the Bona Fide Third Party takes title to Company Shares, </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">having at the date of determination an investment grade rating for its outstanding long term debt securities as well as any of the financial institutions listed in Annex B.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; means any day except a Saturday or Sunday or other day on which commercial banking institutions in New York City and Buenos Aires are authorized or required by law or executive order to be closed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Plan</u>&#148; means the strategic plan to be prepared by the management of the Company and approved by the Board, that summarizes the operational and financial objectives of the Company for the following three (3)&nbsp;years, to be prepared in accordance with Section&nbsp;2.3 (b).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Expenditures</u>&#148; means, with respect to any Person for any period, the sum of all expenditures made directly or indirectly for equipment, fixed assets, real property or improvement thereto or substitutions thereof that have been reflected as additions to property, plant or equipment on a consolidated balance sheet in accordance with IFRS.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Stock</u>&#148; of any Person means any and all shares, interests, rights to purchase, warrants, equity-linked securities, convertible debentures, options, participations, rights in or other equivalents (however designated) of such Person&#146;s capital stock or other equity participations, including partnership interests, whether general or limited, in such Person, including any Preferred Stock, and any rights, warrants or options exchangeable for or convertible into such capital stock, whether outstanding on the date hereof or issued thereafter.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Option Agreement</u>&#148; means that certain call option agreement entered into as of the date hereof between CVH and one or more of the Fintech Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Option Pledge</u>&#148; means that certain pledge agreement entered into by FIA and CVH as of the date hereof, as security for CVH&#146;s rights under the Call Option Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Category</u>&#148; means any of (i)&nbsp;paid television, (ii)&nbsp;mobile services, (iii)&nbsp;broadband and fixed lines, (iv)&nbsp;information technology and systems and (v)&nbsp;other.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Category Reallocation Percentage</u>&#148; means (i)&nbsp;with respect to any unused amounts&#160; of a specific line item in paid television, thirty percent (30%), (ii)&nbsp;with respect to any unused amounts of a specific line item in mobile services, thirty percent (30%), and (iii)&nbsp;with respect to any unused amounts of a specific line item in broadband and fixed lines, information technology and systems or other, fifty percent (50%).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CEO</u>&#148; means the Chief Executive Officer of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CFO</u>&#148; means the Chief Financial Officer of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Capital Stock</u>&#148; means any and all shares, interests, rights to purchase, warrants, equity-linked securities, convertible debentures, options, participations, rights in or other equivalents (however designated) consisting of, or exercisable or exchangeable for, or convertible into Class&nbsp;A Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;A Stock</u>&#148; means any and all ordinary Class&nbsp;A shares of capital stock (<i>acciones Clase A) </i>of the Company, which shares are convertible into shares of Class&nbsp;B Stock at the election of the holder thereof.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Capital Stock</u>&#148; means any and all shares, interests, rights to purchase, warrants, equity-linked securities, convertible debentures, options, participations, rights in or other equivalents (however designated) consisting of, or exercisable or exchangeable for, or convertible into Class&nbsp;B Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;B Stock</u>&#148; means any and all shares of ordinary Class&nbsp;B capital stock (<i>acciones Clase B</i>) of the Company, whether held directly or in the form of American Depositary Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;C Capital Stock</u>&#148; means any and all shares, interests, rights to purchase, warrants, equity-linked securities, convertible debentures, options, participations, rights in or other equivalents (however designated) consisting of, or exercisable or exchangeable for, or convertible into, Class&nbsp;C Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;C Stock</u>&#148; means any and all ordinary Class&nbsp;C shares of capital stock (<i>acciones Clase C) </i>of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:35.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;D Capital Stock</u>&#148; means any and all shares, interests, rights to purchase, warrants, equity-linked securities, convertible debentures, options, participations, rights in or other equivalents (however designated) consisting of, or exercisable or exchangeable for, or convertible into, Class&nbsp;D Stock.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Class&nbsp;D Stock</u>&#148; means any and all ordinary Class&nbsp;D shares of capital stock (<i>acciones Clase D) </i>of the Company, which shares are convertible into shares of Class&nbsp;B Stock at the election of the holder thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CNV</u>&#148; means the <i>Comisi&#243;n Nacional de Valores</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company</u>&#148; means Telecom Argentina S.A. as the surviving entity, and universal successor, upon the effectiveness of the Reorganization and the Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company Shares</u>&#148; means issued and outstanding shares of Class&nbsp;A Capital Stock, Class&nbsp;B Capital Stock, Class&nbsp;C Capital Stock and Class&nbsp;D Capital Stock or any other class of equity interests with voting rights issued by the Company; provided that prior to the Merger Effective Date, Company Shares shall mean any outstanding Capital Stock of TEO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Consolidated Net Income</u>&#148; means, with respect to any period, the consolidated net income (or loss) of the Company and its Subsidiaries for such period determined in accordance with IFRS, adjusted, to the extent included in calculating such consolidated net income (or loss), by excluding, without duplication, (i)&nbsp;all extraordinary gains or losses (on an after-tax basis) of the Company or any Subsidiary of the Company (net of fees and expenses relating to the transaction giving rise thereto) for such period, (ii)&nbsp;except to the extent actually received by the Company or any Subsidiary of the Company, income derived from or in respect of all Investments in Persons other than any Subsidiary, (iii)&nbsp;the portion of net income (or loss) of a Person allocable to minority interests in unconsolidated Persons for such period except to the extent actually received by the Company or any Subsidiary of the Company (in the form of cash dividends or otherwise), (iv)&nbsp;gains or losses in respect of any Asset Sales (on an after-tax basis and net of fees and expenses relating to the transaction giving rise thereto) during such period and (v)&nbsp;the net income of any Subsidiary of the Company for such period to the extent that the declaration of dividends or similar distributions by that Subsidiary to the Company or any Subsidiary of the Company from that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or constituent documents or any agreement, instrument, judgment, decree, order, statute, rule&nbsp;or governmental regulation applicable to that Subsidiary.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Consolidated Operating Cash Flow</u>&#148; means, with respect to any period, (a)&nbsp;(i)&nbsp;total revenues less cost of sales, operating, general, administrative and selling expenses or (ii)&nbsp;operating income (if expressed </font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in the financial statements), (b)&nbsp;excluding in each case depreciation and amortization and impairment of property, plant and equipment and other non-current assets (if expressed in the applicable financial statements) of</font> the Company and its Subsidiaries for such period determined on a consolidated basis in conformity with IFRS.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Control</u>&#148; means, with reference to a specific Person (other than an individual or a natural person), the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, quotas or equity, by contract or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Controlled Company</u>&#148; means a Person of which the Company is the Controlling Person at the time of determination of Controlled Company status.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Controlled Person</u>&#148; means, with reference to a specific Person (other than an individual or a natural person), any Person that at the time of determination of Controlled Person status directly or indirectly, whether through one or more intermediaries, is under Control of such specific Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Controlling Person</u>&#148; means, with reference to a specific Person, any Person that at the time of determination of Controlling Person status directly or indirectly, whether through one or more intermediaries, exercises, is entitled to exercise, or has the ability to exercise Control over such specific Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Director</u>&#148; means a member of the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Director Designee</u>&#148; means a person serving on the Board as a director or alternate director who was designated for election by a Shareholder pursuant to Section&nbsp;2.2(a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Director Number</u>&#148; means, with respect to any Shareholder, (x)&nbsp;the whole number equal to such Shareholder&#146;s Agreement Ownership Percentage multiplied by the Number of Board Members and rounded downward, plus (y)&nbsp;for the Shareholder with the largest Excess Ownership Percentage only, one.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Dividend Policy</u>&#148;, except as may otherwise be agreed from time to time by the CVH Parties and the Fintech Parties and to the extent permitted by any outstanding contractual or legal obligations of the Company or any of its Subsidiaries, means the distribution of cash dividends in each calendar year in an amount equal to the greater of (i)&nbsp;50% of the Company&#146;s Excess Cash for the prior fiscal year and (ii)&nbsp;US$300 million; provided that under no circumstances will the Company be required to distribute on account of dividends any amount that would (x)&nbsp;exceed the amounts permitted to be distributed under Argentine law; or (y)&nbsp;require the Company to incur Indebtedness unless the Company can incur Indebtedness having an average life of at least 10 years to finance such dividend payments if with the yields to maturity at the time of incurrence would exceed the yield to maturity of the US Government treasury bond with a remaining life of 10 years at the date of determination plus 500 bps and such incurrence would not cause the aggregate outstanding Indebtedness of the Company and its Controlled Companies (net of any cash escrows dedicated solely to repay Indebtedness) to exceed 3.0 times the Company&#146;s consolidated EBITDA for the last period of twelve (12) months immediately preceding such incurrence of Indebtedness for which consolidated financial statements of the Company are available; or (z)&nbsp;any portion of the amounts that should be distributed pursuant (i)&nbsp;or (ii)&nbsp;above would trigger the application of the &#147;equalization tax&#148; <i>(&#147;impuesto de igualaci&#243;n&#148;)</i> pursuant to Argentine tax law even in case the amounts are distributed under the form of provisional or anticipated dividends <i>(&#147;dividendos anticipados&#148;</i>), <i>provided</i>, <i>however</i>, that in that in the case of (z), the amounts not distributed in such fiscal year shall be added to the amounts that must be distributed in the following fiscal year pursuant to this Policy.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Dominio</u>&#148; means GC Dominio S.A.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Drag Along Effective Date</u>&#148; means June&nbsp;30, 2030.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>EBITDA</u>&#148; means the sum of the Consolidated Net Income of the Company and its Subsidiaries determined under IFRS, excluding extraordinary income/losses and income/losses on Affiliates, plus financial income (expense), income tax charges, other non-cash charges and depreciation and amortization charges for the relevant period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Effective Date</u>&#148; means the Merger Effective Date, except that Article&nbsp;I, Article&nbsp;IV, Article&nbsp;VI and Article&nbsp;VII shall become effective as of the date this Agreement is executed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Enacom</u>&#148; means the Argentine Communications Body (<i>Ente Nacional de Comunicaciones</i>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Encumbrance</u>&#148; means any mortgage, pledge, security interest, lien, claim, levy, option, assignment by way of guarantee, easement, privilege, restriction (including any shareholders agreement or voting agreement), attachment or any other charge whatsoever, in each case for the purpose of securing financial indebtedness or financial obligations, or for any other purpose whatsoever.&#160; &#147;Encumber&#148; or &#147;Encumbered&#148; means creating or suffering to exist any such Encumbrance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Excess Cash</u>&#148; means for any fiscal year, the (A)&nbsp;Consolidated Operating Cash Flow for that year minus (B)(i)&nbsp;acquisition of property, plant and equipment and materials (including acquisition of intangible assets and any other Investment) as reflected in the Company&#146;s most recent consolidated statements of cash flows for that year, (ii)&nbsp;all income taxes (including minimum notional income taxes but excluding deferred income tax) and other similar taxes of the Company and its Subsidiaries accrued in accordance with IFRS and/or CNV regulations (as required) for such fiscal year, (iii)&nbsp;any amounts prepaid as principal and interest or taxes on such prepaid principal on outstanding debt, including but not limited to payments made with respect to leases, seller financing and payments made to any other Indebtedness during the fiscal year, (iv)&nbsp;any amount required to be paid during the next fiscal year as principal and interest or taxes on such amounts, including but not limited to payments made with respect to leases, seller financing and payments made under the terms of any other Indebtedness, (v)&nbsp;the aggregate amount of interest expense and taxes, other than income tax, not included in the Consolidated Operating Cash Flow as set forth in the consolidated statement of income of the Company and its Subsidiaries for that fiscal year, (vi)&nbsp;5% of the Consolidated Operating Cash Flow <i>plus</i> (C)(i)&nbsp;any dividends received from non-consolidated subsidiaries, (ii)&nbsp;cash adjustments to reconcile the net income (loss) for the period to net cash provided by operations, as defined in the Company&#146;s most recent consolidated statements of cash flows, provided that such items were not included in the computation of Consolidated Operating Cash Flow, and excluding from this proviso those items included in (v)&nbsp;above, and (ii)&nbsp;changes in assets and liabilities (excluding changed in deferred income tax), as defined in the Company&#146;s most recent consolidated statements of cash flows, excluding changes in accrued interest and related taxes on Indebtedness,<i> plus</i> (D)&nbsp;for any period commencing on January&nbsp;1 after the Merger Effective Date, an amount equivalent to the deficiency between the Indebtedness of the Company and the amount of Indebtedness necessary to reach a target Indebtedness to EBITDA ratio of the Company of 1.5 times. Excess Cash shall be computed from period to period on a consistent basis.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Excess Ownership Percentage</u>&#148; means, with respect to any Shareholder, the difference between (x)&nbsp;such Shareholder&#146;s Agreement Ownership Percentage multiplied by the Number of Board Members and (y)&nbsp;the Director Number for such Shareholder.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Executive Search Firm</u>&#148; means Egon Zender, Spencer Stewart, Korn Ferry, Amrop or such other internationally reputable executive search firm selected by the Board with the approval of at least one Director nominated by a Fintech Party and at least one Director nominated by a CVH Party.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fair Market Value</u>&#148; means, as to the Company, any Company Shares or any other assets or properties (including securities), the cash price at which a willing seller would sell and a willing buyer would buy in an arm&#146;s-length transaction, neither party being under time constraints or under any compulsion to buy or sell, in each case as determined by an Independent Investment Banking Firm selected by the Board.&#160; Whenever the Fair Market Value of the Company is to be determined, such Fair Market Value shall be determined based on a sale of the Company as a going concern in a transaction structured as a sale of 100% of the stock of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Financing Pledge</u>&#148; means that certain Encumbrance created in connection with any financing extended to one or more CVH Parties to permit the acquisition of Capital Stock of the Company or of any Person that owns, or after giving effect to the Reorganization will own, directly or indirectly Capital Stock of the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governmental Entity</u>&#148; means any federal, state, provincial, county, municipal or local government in Argentina, or any political subdivision of any of the foregoing, or any non-Argentine entity of a type similar to the foregoing, or any entity, authority, agency, ministry, commission, tribunal, arbitral body, court or other similar body exercising executive, legislative, judicial, regulatory or administrative authority or functions of or pertaining to government, including any authority or quasi-governmental entity established to perform any of these functions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Guarantee</u>&#148; means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a)&nbsp;to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep well, to purchase assets, goods, securities or services (unless such purchase arrangements are on arm&#146;s-length terms and are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (b)&nbsp;entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); <i>provided</i> that the term &#147;Guarantee&#148; shall not include endorsements for collection or deposit in the ordinary course of business.&#160; The term &#147;Guarantee&#148; used as a verb has a corresponding meaning.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>IFRS</u>&#148; means the International Financial Reporting Standards issued by the International Accounting Standards Board from time to time.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indebtedness</u>&#148; means with respect to any Person at any date of determination, without duplication, (a)&nbsp;all liabilities of such Person for borrowed money (including overdrafts) or for the deferred purchase price of property or services, excluding any trade payables and other liabilities (including outstanding disbursements) incurred in the ordinary course of business (whether or not evidenced by a note), but including, without limitation, all obligations, contingent or otherwise, of such Person in connection with any letters of credit and acceptances issued under letter of credit facilities, acceptance facilities or other similar facilities, (b)&nbsp;all obligations of such Person evidenced by bonds, notes, debentures or other similar instruments, (c)&nbsp;all indebtedness of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even if the rights and remedies of the seller or lender under such agreement, in the event of default, are limited to repossession or sale of such property), but excluding trade accounts payable arising in the ordinary course of business, (d)&nbsp;all capitalized lease obligations of such Person, (e)&nbsp;all indebtedness referred to in </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(but not excluded from) the preceding clauses of other Persons and all dividends of other Persons, the payment of which is secured by (or for which the owner of such indebtedness has an existing right, contingent or otherwise, to be secured by) any lien upon or with respect to property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness (the amount of such obligation being deemed to be the lesser of the value of such property or asset or the amount of the obligation so secured), (f)&nbsp;all Guarantees by such Person of indebtedness referred to in this definition of any other Person, (g)&nbsp;all redeemable capital stock of such Person valued at the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued and unpaid dividends, (h)&nbsp;any liability of such Person under or in respect of interest rate agreements or currency agreements and (i)&nbsp;any seller and vendor financing.&#160; For purposes hereof, the &#147;maximum fixed repurchase price&#148; of any redeemable capital stock which does not have a fixed repurchase price shall be the fair market value of such redeemable capital stock, such fair market value shall be determined in good faith by the Board and evidenced by a Board resolution.&#160; Indebtedness shall not include (a)&nbsp;obligations of any Person (i)&nbsp;arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business, provided that such obligations are extinguished within two (2)&nbsp;Business Days of their incurrence unless covered by an overdraft line, (ii)&nbsp;resulting from the endorsement of negotiable instruments for collection in the ordinary course of business and consistent with past business practices and (iii)&nbsp;under stand-by letters of credit to the extent collateralized by cash or cash equivalents and (b)&nbsp;obligations under performance bonds, performance guarantees, surety bonds and appeal bonds, letters of credit or similar obligations incurred in the ordinary course of business.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Independent Investment Banking Firm</u>&#148; means an investment banking firm of internationally recognized standing that is, in the reasonable judgment of the Person engaging such firm, qualified to perform the task for which it has been engaged and which has not received remuneration from such Person (or any of its Affiliates) in excess of US$1.0 million (exclusive of fees, commissions and discounts received by such firm as part of an underwriting syndicate in which such firm was not the lead or co-lead manager ) during the 24 month period preceding such engagement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Investment</u>&#148; in any Person means, directly or indirectly, any advance, loan, account receivable (other than an account receivable arising in the ordinary course of business) or other extension of credit (including, without limitation, by way of guarantee or similar arrangement) or capital contribution to any Person, the purchase or other acquisition of any stock, bonds, notes, debentures or other securities issued by such Person, or the acquisition (by merger, purchase or otherwise) of all or substantially all of the business or assets of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Key Employee</u>&#148; means, with respect to the Company and any Significant Subsidiary, each of the Chief Executive Officer, Chief Operating Officer, Chief Technical Officer, Chief Financial Officer, and any other officer or employee having a direct line of reporting to the Chief Executive Officer, a direct line of reporting to the Vice Chairman of the Board, such as the Internal Auditor, or a joint line of reporting to the Chief Executive Officer and the Vice Chairman of the Board or the Deputy CEO (<i>Subgerente General)</i> (or, in all cases, any other officer or employee holding commensurate responsibilities) or any other position expressly designated as &#147;Key Employee&#148; such as the Director of Supply (<i>Director de Abastecimiento</i>), Legal Director (<i>Director de Legales</i>), Human Resources Director, Regulatory Affairs Director,&nbsp;Institutional Relationship Director and the Chief of Compliance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Marketable Securities</u>&#148; means securities which are traded on a national securities exchange in the United States or otherwise actively traded over-the-counter in the United States and are not subject to restrictions on transfer as a result of applicable contract provisions, the provisions of the Securities Act (other than the volume and method-of-sale restrictions of Rule&nbsp;144 promulgated thereunder or any successor thereto) or the provisions of any other applicable securities laws or regulations</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Merger Effective Date</u>&#148; means the date upon which the Merger shall become effective pursuant to the terms of the Preliminary Merger Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Minimum CVH Threshold</u>&#148; means (i)&nbsp;prior to the closing of the Call Option Agreement, a percentage of Company Shares equal to the percentage of Company Shares to be held by the CVH Parties in the aggregate as a result of the Merger in accordance with the terms of the Preliminary Merger Agreement (including the Company Shares directly or indirectly to be held by the CVH Parties and the Company Shares contributed by or on behalf of any CVH Party to the CVH Trust), or (ii)&nbsp;following the closing of the Call Option Agreement, the sum of (x)&nbsp;a percentage of Company Shares equal to the percentage of Company Shares to be held by the CVH Parties in the aggregate as a result of the Merger in accordance with the terms of the Preliminary Merger Agreement (including the Company Shares directly or indirectly to be held by the CVH Parties and the Company Shares contributed by or on behalf of any CVH Party to the CVH Trust)<i> plus</i> (y)&nbsp;a percentage of Company Shares equal to the percentage of Company Shares held by the CVH Parties in the aggregate on the closing of the Call Option Agreement, immediately after giving effect to the transactions set forth under such Call Option Agreement (including the Company Shares directly or indirectly held by the CVH Parties and the Company Shares contributed by or on behalf of any CVH Party to the CVH Trust); provided that at the relevant time of determination the Minimum CVH Threshold shall only be satisfied if the Trustee Condition is satisfied (whether or not the CVH Trust remains in effect).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Minimum Shareholders Amount</u>&#148; means, with respect to each of (i)&nbsp;the CVH Parties, jointly, and (ii)&nbsp;the Fintech Parties, jointly, at the time of determination, the direct or indirect ownership of a number of Company Shares, including any Company Shares contributed to and held by the CVH Trust, equal to or greater than: (a)&nbsp;ten percent (10%) or more of the aggregate number of Company Shares, at the time of determination for purposes of (1)&nbsp;designating one member to the Executive Committee and (2)&nbsp;designating the corresponding number of members to the Statutory Supervisory Committee, (b)&nbsp;fifteen percent (15%) of the aggregate number of Company Shares, or in the case of FT at least one Company Share contributed to the CVH Trust, at the time of determination for purposes of: (1)&nbsp;exercising veto rights in respect of the Veto Matters listed in Section&nbsp;2.3(a)(i)&nbsp;to (xxi)&nbsp;under the Agreement, (2)&nbsp;designating the corresponding number of members to the Statutory Audit Committee, (3)&nbsp;selecting an Independent Investment Banking Firm pursuant to Section&nbsp;4.6, (4)&nbsp;exercising its rights under Section&nbsp;4.8, (5)&nbsp;exercising its rights under Article&nbsp;V and (6)&nbsp;exercising its consent right under Section&nbsp;2.3(c); and (c)&nbsp;twenty percent (20%) or more of the aggregate number of Company Shares, or in the case of FT at least one Company Share contributed to the CVH Trust, at the time of determination for purposes of (1)&nbsp;designating the Vice Chairman of the Board; (2)&nbsp;exercising the right to designate the CFO and Internal Auditor and veto rights in respect of the designation of the remaining Key Personnel under Section&nbsp;2.7 of this Agreement; (3)&nbsp;designating two members of the Executive Committee; and (4)&nbsp;exercising veto rights in respect of the Veto Matters listed in Section&nbsp;2.3(a)(iii), Section&nbsp;2.3(a)(xxii)&nbsp;and Section&nbsp;2.3(a)(xxiii); provided that if either the CVH Parties, jointly, or the Fintech Parties, jointly, as applicable, at any time directly or indirectly hold a total number of Company Shares (including any Company Shares contributed by such Parties to and held by the CVH Trust at such time) below any of the previously described thresholds, such Parties (or Party, if applicable) be automatically deemed to have forfeited each and all of the rights associated with such threshold and will not recover the forfeited rights through the subsequent acquisition of Company Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Number of Board Members</u>&#148; means eleven (11) as may be increased in accordance with Section&nbsp;2.2(a).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Ownership Percentage</u>&#148; means the percentage of Company Shares held from time to time by any Shareholder.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Parent</u>&#148; means with respect to (i)&nbsp;any of the CVH Parties, CVH, and Dominio (in the case of Dominio, solely with respect to Sections 4.2(j)&nbsp;and (k)); (ii)&nbsp;any of the Fintech Parties, FT, FIA and Fintech Advisory (in the case of Fintech Advisory, solely with respect to Section&nbsp;4.2(l)) and; and (iii)&nbsp;any other Shareholder, the Person that Controls such other Shareholder directly or indirectly and is not in turn Controlled by any other Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Holders</u>&#148; means (a)&nbsp;Dominio and any of its successors and Affiliates, any limited partnership of which any of them or their successors or Affiliates is the general partner and any investment fund controlled or managed by any of them or their successors or Affiliates, and (b)&nbsp;any of (i)&nbsp;Ernestina Laura Herrera de Noble, Hector Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro and their legitimate heirs by reason of death, (ii)&nbsp;any Privileged Relatives of any of the individuals set forth in sub-clause (b)(i)&nbsp;of this definition, (iii)&nbsp;any trust the beneficiaries of which include any of the individuals set forth in sub-clause (b)(i)&nbsp;of this definition and/or any Privileged Relatives of any of such noted individuals, and (iv)&nbsp;any Person (other than an individual) directly or indirectly majority owned or controlled by one or more individuals set forth in sub-clause (b)(i)&nbsp;of this definition and/or any Privileged Relatives of any Permitted Holder or any one or more trustees of any trust set forth in clause (b)(iii)&nbsp;of this definition acting in such capacity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Permitted Transferee</u>&#148; means with respect to any Shareholder, an Affiliate of such Shareholder and in the case of any CVH Party, any Permitted Holder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; means any individual, estate, corporation, limited or unlimited liability company, partnership, proprietorship, joint venture, association, joint-stock company, investment fund, trust, union or unincorporated organization or other group, entity or organization, including a Governmental Entity.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Stock</u>&#148; means, with respect to any Person, any and all shares, interests, participations or other equivalents (however designated) of such Person&#146;s preferred or preference stock, whether outstanding on the date hereof or issued thereafter, and includes, without limitation, all classes and series of such preferred or preference stock of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Principal Dragged Shareholder</u>&#148; means either the Dragged Shareholder with the largest Agreement Ownership Percentage or any other Party hereto (other than the Dragging Shareholder) whom the Dragged Holder with the largest Agreement Ownership Percentage designates as the Principal Dragged Shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Privileged Relatives</u>&#148; means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the second degree (including adopted children who have been adopted during their minority and step-children who have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Requisite Expenditures</u>&#148; means the amount of any Capital Expenditures necessary to maintain in good working order the facilities, equipment and systems of the Company including the renewal or replacement of any material that has become obsolete.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sale and Leaseback Transaction</u>&#148; means any transaction or series of related transactions pursuant to which the Company or a Subsidiary of the Company sells or transfers any property or asset in connection with the leasing, or the resale against installment payments, of such property or asset to the seller or transferor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities Act</u>&#148; means the U.S. Securities Act of 1933, as amended, and all rules&nbsp;and regulations thereunder.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Shareholder</u>&#148; means any Class&nbsp;A Shareholder, Class&nbsp;B Shareholder or Class&nbsp;D Shareholder that is party to or bound by provisions of, this Agreement (other than a Bona Fide Third Party with respect to any Bona Fide Financings entered into).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Significant Subsidiary</u>&#148; means a Subsidiary of the Company the assets of which, as of the date of the most recent audited consolidated balance sheet of the Company as of the date of determination, account for at least 10% of the consolidated assets of the Company.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Subsidiary</u>&#148; means, with respect to any Person, any other Person of which at least 50% of the equity ownership or voting stock is owned, directly or indirectly, by such Person and/or one or more of the Subsidiaries of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Third Party</u>&#148; means any Person other than (i)&nbsp;a Shareholder and (ii)&nbsp;any Affiliate of a Shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>TIC Business</u>&#148; means any cable television or telecommunications business in South America, including those that qualify as services of information and communications technology (<i>servicios de tecnolog&#237;a de la informaci&#243;n y communicaciones or servicios TIC) </i>pursuant to Argentine law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transfer</u>&#148; means any sale, assignment, alienation, gift, exchange, conveyance, transfer, option, issuance, short sale, swap, derivative transaction or other direct or indirect disposition whatsoever, or any agreement to do any of the foregoing, whether for value or not, whether voluntary or involuntary of any Company Shares or any interest therein, including any voting power or dispositive control over any Company Shares but excluding any Transfer to the CVH Trust or from the CVH Trust to the Person that contributed the released Company Shares to the CVH Trust (or any Permitted Transferee of such Person), or pursuant to a Bona Fide Financing, or the conversion of such Company Shares to another class of Company Shares or pursuant to a general transfer of an inheritance estate upon death of an individual;<i> provided</i>, <i>however</i>, that none of the VLG Split Off, (ii)&nbsp;the Call Option Pledge, or the (iii)&nbsp;the Financing Pledge shall be considered a &#147;Transfer&#148; under this definition or for purposes of Article&nbsp;IV.&#160; The term &#147;Transfer&#148; shall refer to a single transaction or collectively to a series of related transactions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Vehicle</u>&#148; means any Person substantially all of the assets of which consist of Company Shares or direct or indirect interests therein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Veto Third Party Shareholder</u>&#148; means, the Third Party Shareholder that, together with its Permitted Transferees, (i)&nbsp;has acquired from the Fintech Parties following the Merger Effective Date at least 20% of the outstanding Company Shares and (ii)&nbsp;has become a party hereto in accordance with Section&nbsp;4.2(f), and (iii)&nbsp;at the relevant time of determination, has an Agreement Ownership Percentage (x)&nbsp;of at least 20% and (y)&nbsp;greater than the Fintech Parties, in the aggregate, and any other Third Party Shareholder at any given point in time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Veto Third Party Shareholder Representative</u>&#148; means such individual as shall be designated by any Veto Third Party Shareholder upon becoming a Party to this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>VLG Split Off</u>&#148; means the split off of VLG between CVH and FIA ratably to their respective Capital Stock ownership therein.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.2.&nbsp;&nbsp;<u>Other Defined Terms</u>.&#160; Each of the following terms is defined in the Section&nbsp;indicated below:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25% Holder</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(e)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Binding Offer</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(c)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Blocking Price</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(c)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buyer</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;A Trust Shares</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(b</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;B Shareholder</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1(a)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;D Shareholder</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1(a)</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Class&nbsp;D Trust Shares</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(c)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Communications</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Free to Sell Date</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Majority Ownership Requirement</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Parties</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH ROFR Acceptance Notice</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH ROFR Defaulting Shareholder</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH ROFR Election Period</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH ROFR Notice</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH ROFR Purchase Price</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH ROFR Election Period</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Sale Agreement</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Selling Shareholder</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Trust</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(a)</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Trust Agreement</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(a)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CVH Trust Termination Event</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(e)</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deadlock</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9(g)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Designation</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(a)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="PB_12_123751_2748"></a></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Defined&nbsp;Term</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Section</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director Designee Nominee</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dispute</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.11</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dispute Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.11</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio Free to Sell Date</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(j)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio ROFR Acceptance Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio ROFR Defaulting Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio ROFR Election Period</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio ROFR Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio ROFR Purchase Price</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio ROFR Election Period</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominio Sale Agreement</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drag Date</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(f)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drag Deadline</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(i)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dragged Shareholders</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dragged Shares</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dragging Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drag Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Drag Transaction</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(k)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Eligible Substitutes</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(d)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Execution Date</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIA</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Documents</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2(b)(i)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Expenses</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2(f)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Advisory</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Free to Sell Date</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Parties</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech ROFR Acceptance Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech ROFR Defaulting Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech ROFR Election Period</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech ROFR Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech ROFR Purchase Price</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech ROFR Election Period</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Sale Agreement</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="PB_13_123819_4141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Defined&nbsp;Term</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Section</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Selling Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Free to Sell Date</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(f)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ICC Rules</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.12</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnified Party</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnifying Party</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interim Relief</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.12</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Manager</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material Approvals</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Minimum Price Differential</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(d)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Negotiation Period</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(b)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Binding Offer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(b)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Offeree Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Official</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participating Tag Along Sale Agreement</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(c)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participating Tag Along Members</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(c)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parties Prior Meeting</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Merger Agreement</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Reorganization Agreement</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pricing Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(c)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pricing Notice Period</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(c)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed Fintech Purchaser</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(l)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed Purchaser</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Related Party Transaction</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(i)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Relevant Shares</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6(7)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal Notice</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(g)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Retained Economic Interest</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1(g)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reorganization</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Replacement Director Designee Nominee</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(g)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Acceptance Notice</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(b)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Defaulting Shareholder</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(h)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Election Period</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Notice</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="PB_14_123832_8627"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Defined&nbsp;Term</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Section</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Offer</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Purchase Price</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ROFR Shares</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rules</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.12</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale Agreement</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(d)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale Number</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Selling Shareholder</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statutory Audit Committee</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(d)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statutory Supervisory Committee</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(f)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Along Election Period</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Along Right</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Along Sale Agreement</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Along Share Number</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Along Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Right Acceptance Notice</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(b)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag Right Notice</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3(a)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TEO</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Third Party Buyer</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8(g)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Shares</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(c)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee Condition</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8(d)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transferred Interest</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1(g)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwritten Offering</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwritten Offering Request</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwritten Offering Request Notice</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vacating Director</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2(g)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valid Business Reason</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2(c)</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Veto Matter</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Veto Shareholder</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">VLG</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preamble</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.3.&nbsp;&nbsp;<u>Interpretation</u>.&#160; When a reference is made in this Agreement to Articles, Sections, Annexes or Schedules, such reference is to an Article, Section, Annexes or Schedule (as the case may be) of this Agreement, unless otherwise indicated.&#160; When a reference is made in this Agreement to a &#147;party&#148; or &#147;parties&#148;, such reference shall be to a party or parties to this Agreement, unless otherwise indicated.&#160; The table of contents and headings contained in this Agreement are for reference purposes only and shall </font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="PB_15_123850_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">not affect in any way the meaning or interpretation of this Agreement.&#160; Whenever the word &#147;include&#148;, &#147;includes&#148; or &#147;including&#148; is used in this Agreement, it shall be deemed to be followed by the words &#147;without limitation&#148;.&#160; The use of any gender herein shall be deemed to be or include the other gender and the use of the singular herein shall be deemed to be or include the plural (and <u>vice versa</u>), wherever appropriate.&#160; The use of the words &#147;hereof&#148;, &#147;herein&#148;, &#147;hereunder&#148;, and words of similar import shall refer to this entire Agreement, and not to any particular Article, Section, subsection, clause, paragraph or other subdivision of this Agreement, unless the context clearly indicates otherwise.&#160; Any references to direct or indirect ownership of Company Shares shall include any Company Shares subject to a Bona Fide Financing, (whether or not legal title to such Company Shares is transferred to a Bona Fide Third Party prior to such release) insofar as the Bona Fide Third Party shall not have become released by the terms of such Bona Fide Financing from its obligation to re-Transfer all Company Shares subject to such Bona Fide Financing to the Shareholder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;II</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CORPORATE GOVERNANCE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.1.&nbsp;&nbsp;<u>The Shareholders</u>.&#160; (a)&nbsp;The parties hereby agree that for all purposes under this Agreement, only the Parent of each record owner of any Company Shares shall be deemed the owner of such Company Shares (a &#147;<u>Class&nbsp;A Shareholder</u>&#148;, &#147;<u>Class&nbsp;B Shareholder</u>&#148; or &#147;<u>Class&nbsp;D Shareholder</u>&#148;, as applicable) and shall have the right to exercise and the obligation to comply with the terms and conditions of this Agreement, and each Parent shall cause each of its Affiliated owner of record of Company Shares (whether currently held or acquired after the date hereof) to comply with, the terms and conditions of this Agreement, either directly or by causing such Affiliated record owner to vote or otherwise take action on its behalf. Further, no later than on the fifth Business Day following the entering into of a Bona Fide Financing, each Shareholder agrees to submit to the other Shareholders a certificate setting forth the name of the Bona Fide Third Party involved, the term of such Bona Fide Financing, the class and number of Company Shares involved, and a confirmation to the other Shareholders that the documentation for the financing contains the agreements in clauses (x)&nbsp;and (y)&nbsp;of the definition of Bona Fide Financing.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;In the event that VLG is a record owner of any Company Shares following the Merger Effective Date, CVH and Fintech Advisory agree to consummate the VLG Split Off as soon as practicable.&#160; After giving effect to such Split Off, any Affiliate of CVH or Fintech Advisory that becomes the record owner of Company Shares as a result thereof and that is not a Shareholder shall </font>become a party to this Agreement and agree to be bound by all of the terms and conditions hereof.&#160; Upon becoming a party to this Agreement, such Person shall, as to the Company Shares so acquired, be considered a CVH Party or Fintech Party, as applicable and shall enjoy the same rights and be subject to the same obligations as each other CVH Party or Fintech Party, as applicable.&#160; Until such time as the VLG Split Off is consummated, CVH and Fintech Advisory hereby agree that they shall each be deemed a Shareholder with respect to the Company Shares held by VLG based on their respective ownership interests in VLG, including any indirect interests in the Company that CVH may agree to acquire from Fintech Advisory in the form of additional membership interests in VLG, and that for the purpose of determining the ownership interests of each of CVH and Fintech Advisory in the Company, including their Ownership Percentage and their Agreement Ownership Percentage, their indirect ownership interests in the Company held, directly or indirectly, through VLG will be considered as if each of them in the aggregate directly or indirectly, and not VLG, were the direct owner of such ownership interest.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.2.&nbsp;&nbsp;<u>Board of Directors</u>.&#160; The parties hereby agree that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Board shall consist of eleven (11) members and may be increased up to seventeen (17) members as agreed between the CVH Parties and the Fintech Parties.&#160; Each Shareholder shall be entitled </p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="PB_16_123909_3736"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to designate to the other Shareholders (a &#147;<u>Director Designation</u>&#148;), not less than ten (10)&nbsp;days prior to any shareholders meeting at which directors of the Company are to be elected, (i)&nbsp;a number of designees for election as Directors equal to such Shareholder&#146;s Director Number and (ii)&nbsp;one (1)&nbsp;alternate director for each director it so designates (each, a &#147;<u>Director Designee Nominee</u>&#148;); provided that for as long as (i)&nbsp;the CVH Parties hold at least the Minimum CVH Threshold <u>and</u> (ii)&nbsp;either (A)&nbsp;the CVH Trust is in effect and the CVH Trust together with the CVH Parties are entitled to exercise in the aggregate the voting rights of more than 50% of the outstanding Company Shares <u>or</u> (B)&nbsp;the CVH Parties and the Fintech Parties collectively hold in the aggregate directly and indirectly more than 50% of the outstanding Company Shares (together, (i)&nbsp;and either of the circumstances contemplated in (ii), the &#147;<u>CVH Majority Ownership Requirement</u>&#148;), CVH shall be entitled to designate to the other Shareholders the majority of the Director Designee Nominees for election as Directors and one (1)&nbsp;alternate director for each director it so designates.&#160; Each Director Designation shall identify which nominees shall be considered nominated by the Class&nbsp;A Shares and which nominees shall be considered nominated by the Class&nbsp;D Shares for purposes of exercising veto rights in respect of Veto Matters at the Board of the Company pursuant to the amended Bylaws of the Company.&#160; If a timely Director Designation is not received from a Shareholder in advance of a meeting at which Directors are to be elected, then that Shareholder shall be deemed to have re-designated its incumbent Director Designees.&#160; Each Shareholder shall ensure that not less than one-half of its Director Designee Nominees and Director Designees (who are not otherwise Director Designee Nominees) are residents of Argentina and that each Director Designee Nominee complies with all applicable requirements of Argentine law.&#160; Each Shareholder agrees to vote its Company Shares in favor of the election to the Board of each Director Designee Nominee of the other Shareholders designated in accordance with this Section&nbsp;2(a). Nothing in this Agreement shall affect the right of a Shareholder owning a minority quantity of Company Shares to exercise its cumulative voting rights for the election of up to one third of the members of the Board pursuant to Argentine law.&#160; The CEO may not be a member of the Board. For as long as CVH is entitled to nominate the majority of the Board it shall be entitled to nominate the Chairman of the Board and the Fintech Parties shall be entitled to nominate the Vice-Chairman of the Board if they collectively hold the corresponding Minimum Shareholders Amount, provided that the right to designate the Vice-Chairman shall be exercised by any Person that qualifies as the Veto Third Party Shareholder hereunder for as long as it qualifies as such.&#160; In the event that (i)&nbsp;the Fintech Parties own a quantity of Company Shares larger than the quantity of Company Shares held by the CVH Parties and (ii)&nbsp;the CVH Majority Ownership Requirement is no longer satisfied, Fintech Advisory shall be entitled to nominate the Chairman of the Board and CVH shall be entitled to nominate the Vice-Chairman of the Board to the extent it owns the corresponding Minimum Shareholders Amount. For the purposes of applicable Argentine law, subject to the <i>Inspecci&#243;n General de Justicia</i> (&#147;<u>IGJ</u>&#148;) and CNV granting its approval of the Bylaws of the Company in the form contemplated by this Agreement, the legal representation of the Company shall be held jointly by the Chairman and the Vice-Chairman of the Board, <i>provided</i>, <i>however</i>, that if the IGJ and/or the CNV do not grant their approval with respect to such joint representation, the legal representation of the Company shall be held by the Chairman of the Board. For the purpose of giving effect to this Section&nbsp;2.2(a), upon consummation of the Merger Effective Date, the Fintech Parties shall promptly obtain the resignation of no less than six (6)&nbsp;members of the Board with immediate effect after having convened a meeting of the Company&#146;s shareholders which shall include in its agenda the election of at least six (6)&nbsp;members of the Board, at which meeting the Fintech Parties shall take such measures as shall be needed to ensure that the provisions of this Section&nbsp;2.2(a)&nbsp;permitting CVH to designate a majority of the Board are honored.&#160; In the event the Number of Board Members is increased to more than eleven (11) members, (x)&nbsp;the total Number of Board Members shall remain an odd number and (y)&nbsp;for so long as the CVH Parties satisfy the CVH Majority Ownership Requirements, the CVH Parties shall be entitled to designate the majority of the members of the Board in accordance with the procedures set forth in this Section&nbsp;2.2(a).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)&nbsp;The Parties agree that for as long as the CVH Parties satisfy the CVH Majority Ownership Requirement, CVH shall be considered the shareholder entitled to designate to the other shareholders the</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">majority of the Director designee nominees for election as Directors and (1)&nbsp;one alternate director for each director it so designates.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties agree to attach the initial list of Director Designee Nominees and members of the Statutory Supervisory Committee designee nominees to be voted by the Parties at the first shareholders&#146; meeting following the Merger Effective Date as a supplement hereto prior to the Merger Effective Date. In the event that any of the minority shareholders of the Company exercises cumulative voting rights under Argentine law for the election of any members of the Board at any meeting of shareholders, the number of Directors selected by the Shareholder with the lowest Shareholder Director Number shall be reduced by the number of directors and alternates elected by such minority shareholder; provided that if there are more than two (2)&nbsp;Shareholders, reductions shall be applied ratably among all Shareholders other than the Shareholder with the highest Shareholder Director Number, beginning with the Shareholder with the lower Shareholder Director Number.&#160; For the avoidance of doubt, for as long as the CVH Parties satisfy the CVH Majority Ownership Requirement, CVH will be deemed to have the highest Shareholder Director Number for purposes of this Section&nbsp;2.2.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to Section&nbsp;2.2(a), each Shareholder shall use its reasonable best efforts to cause each Director Designee Nominee for a particular shareholders meeting at which Directors are to be elected to be included in the slate of nominees submitted to the shareholders of the Company at that meeting.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The parties agree to cause the Company&#146;s statutory audit committee (the &#147;<u>Statutory Audit Committee</u>&#148;) to be comprised of three members and three alternate members who shall also be directors or alternate directors of the Company.&#160; For as long as it shall hold, directly or indirectly, the Minimum Shareholders Amount, CVH shall have the right to designate from its Director Designees two members and two alternate members for election to the Statutory Audit Committee, and for so long as Fintech Advisory shall hold, directly or indirectly, the Minimum Shareholders Amount, or there is a Veto Third Party Shareholder, Fintech Advisory or such Veto Third Party Shareholder, as applicable, shall have the right to designate from its Director Designees one member and one alternate member for election to the Statutory Audit Committee. Each Shareholder shall use its respective best efforts to cause its Director Designees to vote in favor of the election of the Director Designees for election to the Statutory Audit Committee validly designated in accordance with this Section&nbsp;2.2(e).&#160; No Director Designee may serve on the Statutory Audit Committee unless he or she meets (i)&nbsp;all the requirements of Argentine law for service on such committee; and (ii)&nbsp;all of the requirements for director independence set forth in New York Stock Exchange Listed Company Manual as amended from time to time.&#160; In addition, the two Director Designees designated by CVH shall meet all of the requirements for director independence established by the CNV</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For as long as CVH satisfies the CVH Majority Ownership Requirement (i)&nbsp;CVH shall have the right to designate three members and three alternate members for election to the Company&#146;s statutory supervisory committee (<i>Comisi&#243;n Fiscalizadora)</i> (the &#147;<u>Statutory Supervisory Committee</u>&#148;), which shall be composed of five members and five alternate members, and (ii)&nbsp;for so long as the Fintech Parties hold, directly or indirectly, the Minimum Shareholders Amount, or a Shareholder qualifies as a Veto Third Party Shareholder, the fourth and or the fifth member of the Statutory Supervisory Committee shall be designated by Fintech Advisory or the Veto Third Party Shareholder, as applicable.&#160; Each Shareholder agrees to vote its Company Shares in favor of the election of such designees to the Statutory Supervisory Committee, <u>provided</u> that each such designee meets all of the requirements of Argentine law for service on such committee.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Shareholder shall promptly vote its Company Shares for the removal (with or without cause) from the Board of any Director or alternate director if the Shareholder that designated the director or alternate director requests such removal or (ii)&nbsp;if the CVH Parties cease to satisfy the CVH Majority </p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="PB_18_123953_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ownership Requirement, and Fintech Advisory requests such removal to enable the Fintech Parties to designate a number of members of the Board commensurate with their aggregate ownership of Company Shares.&#160; Such removal request shall be made by a written notice, in the case of clause (i)&nbsp;specifying the name of the Director to be removed and in the case of clause (ii)&nbsp;specifying the number of Directors designated by the other Parties to be removed, (a &#147;<u>Removal Notice</u>&#148;), delivered to the other Shareholders.&#160; No Shareholder shall cause, or seek to cause, the removal from the Board of any Director or alternate director designated by any other Shareholder pursuant to Section&nbsp;2.2(a)&nbsp;except in compliance with the preceding sentence.&#160; Each Shareholder shall take all necessary action to cause a meeting of the Company&#146;s shareholders to be called promptly after receipt of a Removal Notice for the purpose of voting on the removal of the Director Designee so specified in the Removal Notice.&#160; Each Shareholder shall use its reasonable best efforts to cause the prompt removal from the Statutory Audit Committee or the Statutory Supervisory Committee, at the request of (i)&nbsp;any CVH Party, in the case of any member of any such Committee designated by CVH, (ii)&nbsp;any Fintech Party, in the case of any member of any such Committee designated by Fintech Advisory, and to replace such member with the designee of the requesting Shareholder, (iii)&nbsp;and any Veto Third Party Shareholder, in the case of any member of any such Committee designated by such Shareholder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If, as a result of death, disability, retirement, resignation, removal (with or without cause) or otherwise, a Director designated pursuant to Section&nbsp;2.2(a)&nbsp;vacates the Board (a &#147;<u>Vacating Director</u>&#148;), then the Shareholder that designated such Vacating Director pursuant to Section&nbsp;2.2(a)&nbsp;shall be entitled to designate to the other Shareholders a replacement Director Designee Nominee (who meets all applicable requirements of Argentine law) to fill the vacancy so created (a &#147;<u>Replacement Director Designee Nominee</u>&#148;).&#160; Each Shareholder shall take all reasonable action necessary to cause a meeting of the Company&#146;s shareholders to be called promptly after the creation of such vacancy to vote on the election of the Replacement Director Designee Nominee to fill the vacancy caused by the Vacating Director; <i>provided</i> that if a director is removed at a shareholders meeting, the Replacement Director Designee Nominee shall be nominated for election to fill such vacancy at the same meeting (if permitted by applicable law).&#160; The Shareholders shall vote at any such meeting all of their respective Company Shares, in favor of the election to the Board of the Replacement Director Designee Nominee to fill the vacancy on the Board so created.&#160; The other Shareholders will also use their reasonable best efforts, if requested by the Shareholder designating the Replacement Director Designee Nominee, to cause the Replacement Director Designee Nominee (or any other Director Designee of that Shareholder then serving on the Board) to be promptly appointed to fill any vacancy on committee(s)&nbsp;of the Board and the Statutory Audit Committee caused by the Vacating Director.&#160; The provisions of this Section&nbsp;2.2(h)&nbsp;shall also apply, <i>mutatis mutandi,</i> in the case of a Director Designee who vacates a position on the Statutory Supervisory Committee.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For as long as they shall respectively satisfy the CVH Majority Ownership Requirement and hold directly or indirectly, the Minimum Shareholders Amount, the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable, shall each have the right to apply the respective same procedure applicable to the election of members of the Board of the Company in respect of the election of members of the board of directors of each Controlled Company. The Company shall cause the members of the board of directors of each Controlled Company to be the Persons identified by CVH and Fintech Advisory or the Veto Third Party Shareholder, as applicable, in accordance with this Agreement. If, as a result of death, disability, retirement, resignation, removal (with or without cause) or otherwise, any Persons identified shall vacate the board of directors of a Controlled Company, then the Shareholder that designated such vacating director shall be entitled to designate and cause the election of a replacement director (who shall meet all applicable requirements of Argentine law) to fill the vacancy so created and the Company and the Shareholders shall take all necessary action to elect such replacement director.&#160; The approval or rejection of any matter by the board of directors of a Controlled Company shall be decided by the unanimous vote of the directors designated by CVH and Fintech Advisory.&#160; If the board of directors of </p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">19<a name="PB_19_124007_563"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Controlled Company is unable to make a decision with respect to any matter, such matter shall be submitted to the Board and decided in accordance with Section&nbsp;2.3.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)&nbsp;The Parties agree that any transaction, arrangement, agreement or contractual relationships between the Company or any Controlled Company, on the one hand, and a Shareholder, its Affiliates or its Subsidiaries, on the other hand (other than the Company or a Controlled Company) (a &#147;<u>Related Party Transaction</u>&#148;) must be conducted on terms no less favorable to the Company or such Controlled Company than arms&#146; length terms. All Related Party Transactions must be submitted to the Executive Committee. In case the Executive Committee cannot reach a unanimous decision in respect of the arms&#146; length terms of a Related Party Transaction or in respect of the renewal, termination or engagement in a Related Party Transaction, such Related Party Transaction shall be submitted to the Board for its consideration. The Shareholder involved directly or indirectly through its Affiliates or Subsidiaries in such transaction, arrangement, agreement or Related Party Transaction shall abstain from exercising its voting rights and any other rights provided in this Agreement in respect of such Related Party Transaction and shall cause its relevant Director Designees to abstain from voting in respect of such matter&#160; the decision passed by the Director Designees of the other Shareholder in respect of such Related Party Transaction at the Company or any Controlled Company as it may correspond. The unrelated Shareholder or its Director designees entitled to consider such matter at the Board shall make its determination taking into consideration the convenience of such Related Party Transaction to the Company or the Controlled Company and whether the terms of such Related Party Transaction are no less favorable to the Company or a Controlled Company than arms&#146;-length in accordance with the parameters described below. In order to determine whether the terms of a Related Party Transaction are no less favorable to the Company or a Controlled Company than arms&#146;-length terms, the Shareholder or its Director designees, entitled to make the determination shall consider the following facts: (A)&nbsp;if the terms of such transaction, arrangement or agreement are no less favorable than the terms of other similar transactions, arrangement or agreements offered to the Company by any Third Party, (B)&nbsp;if the terms offered to the Company by the relevant Shareholder, its Affiliates or Subsidiaries, are at least as favorable to the Company or a Controlled Company as the best terms offered by such Shareholder, its Affiliates or Subsidiaries, to Third Parties (excluding Affiliates and subsidiaries of such Shareholder), in similar circumstances; (C)&nbsp;market arms&#146; length parameters if any, existing as of the date of determination as published by recognized industry experts or associations and (D)&nbsp;the determination made by an independent recognized industry expert at the request of the unrelated Shareholder or its Director Designees.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Related Party Transaction for the provision of paid television signals, or other form of content, including the agreements listed in Annex C hereto and to which Cablevisi&#243;n is a party as of June&nbsp;30, 2017, shall be maintained until its respective expiration date and shall be renewed thereafter to the extent that the terms of such agreement are on an arms&#146; length basis as determined in accordance with the parameters set forth in Section&nbsp;2.2(i)(i)&nbsp;above. Any agreement or arrangement of an organizational or administrative nature existing as of the Merger Effective Date between Cablevision, on the one hand, and CVH or any of its Affiliates, on the other hand, including the agreements listed in Annex D hereto, shall be analyzed by the Executive Committee of the Company and shall be renewed or renegotiated only if the Executive Committee determines that such agreement or arrangement is commercially reasonable or terminated if the same services could be provided by the Company&#146;s personnel.&#160; Any other transaction, arrangement or agreement existing as of the Merger Effective Date and not related to the provision of content or of an organizational or administrative nature, including the agreements listed in Annex E hereto, shall be analyzed by the Executive Committee of the Company after the Merger Effective Date and shall be (x)&nbsp;maintained only if its expiration date occurs no more than one (1)&nbsp;year following the Merger Effective Date or (y)&nbsp;renegotiated or terminated for any other transaction, agreement or arrangement upon taking into consideration the best interests of the Company and shall be renewed only to the extent its terms are equivalent to the terms that the Company would receive on an arms&#146; length </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">basis, as determined by the unrelated Shareholder or its director designee(s)&nbsp;in accordance with Section&nbsp;2.2(i)(i)&nbsp;above.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Shareholders agree that all Key Employees of the Company shall be professional executives and shall have sufficient qualifications for the position for which they have been nominated, as validated conclusively, in the case of a dispute as to the qualifications of any such person, by an Executive Search Firm selected by the Board.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties agree to cause the Board to establish an executive committee which shall be responsible for the management of matters in the ordinary course of business of the Company (the &#147;<u>Executive Committee</u>&#148;). The Executive Committee shall be comprised of five members.&#160; For as long as the Fintech Parties hold the Minimum Shareholders Amount or there is a Veto Third Party Shareholder, the Fintech Parties and/or the Veto Third Party Shareholder, as applicable, shall designate the corresponding number of members of the Executive Committee.&#160; For as long as the CVH Parties satisfy the CVH Majority Ownership Requirement, the CVH Parties shall designate three (3)&nbsp;members of the Executive Committee. In the event that the Fintech Parties cease to hold the corresponding Minimum Shareholders Amount, and there is no Veto Third Party Shareholder, the Board shall designate the remaining members or, at its discretion, dissolve the Executive Committee. If the CVH Parties cease to satisfy the CVH Majority Ownership Requirement but continue to hold the Minimum Shareholders Amount, the fifth member of the Executive Committee shall be designated by the Shareholder holding the largest quantity of Company Shares.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Executive Committee shall meet at least once every two (2)&nbsp;weeks. In addition, management shall provide the Executive Committee with prior notice of all press releases and other communications (regardless as to whether such press releases or other communications are in writing or delivered orally) whether released to the public or a Governmental Entity, to the extent such press releases or other communications relate to the business, operations or transactions of the Company, its Significant Subsidiaries or its Shareholders, other than the communications, applications and filings made by the Company or by any Controlled Company with a Government Entity in the ordinary course of business (&#147;<u>Company Communications</u>&#148;).&#160; Each Company Communication shall be subject to the prior approval of the Executive Committee.&#160; The Executive Committee shall adopt decisions by majority vote of its members; provided that such majority must include the affirmative vote of at least one of the members of the Executive Committee (if any) designated by each of the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable. In the event that such majority cannot be reached with respect to any matter it shall be brought to the attention of the Board by any member of the Executive Committee, and shall be included in the agenda of the first meeting of the Board to take place after such matter is communicated to the Board.&#160; If any matter related to a Veto Matter or a Related Party Transaction is submitted to the Board for its approval, the Board shall act in accordance with the terms of this Agreement.&#160; For the avoidance of doubt, only Veto Matters shall be subject to the qualified majority procedures of Section&nbsp;2.3(a).&#160; The Parties further agree that until such time as the Executive Committee has been established, the internal organizational structure and committees of the Board in place as of the Merger Effective Date shall continue in full force and effect, including the Operations Committee (<i>Comit&#233; de Operaciones</i>) and the Administrative Council (<i>Consejo de Administraci&#243;n</i>), whose responsibilities will subsequently be assumed by the Executive Committee upon its creation.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.3.&nbsp;&nbsp;<u>Matters for Consideration by the Board</u>.&#160; (a)&nbsp;The Board shall act by majority of Directors attending the meeting, except with regard to the following matters, which shall be considered by the Board and shall not be approved without the affirmative vote of one (1)&nbsp;or more of the Directors nominated by (x)&nbsp;the CVH Parties, (y)&nbsp;the Fintech Parties or the Veto Third Party Shareholder; provided that if the members of the Board designated by any two of the parties referred to in (x), (y)&nbsp;or (z)&nbsp;above fail to attend a meeting of the Board duly convened to resolve on any such matter and the members of the </font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_124050_3641"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board designated by the CVH Parties, or the Fintech Parties or the Veto Third Party Shareholder, as applicable, would have approved such matter, a second meeting of the Board shall be convened in the manner contemplated by the Bylaws.&#160; All Directors will be given notice of such second meeting by the chairman or the vice-chairman of the Board and of the Veto Matters as to which no decision could be reached.&#160; In the event that any Director whose affirmative vote would be required to approve a decision under this Section 2.3 notifies the chairman or the vice-chairman of the Board prior to such second meeting that it opposes the approval of any such Veto Matter, the second meeting will either be indefinitely adjourned or no decision approving such Veto Matter will be adopted at such meeting.&#160; If the chairman of the Board receives no such notice from a Director, a Director&#146;s failure to attend or vote against the approval of such matter will be deemed and treated for all purposes hereunder as an affirmative vote of such member with respect to such matter.&#160; The Company, upon becoming a party hereto, shall agree that it shall not take any action with respect to any of the following matters (or permit any Controlled Company to take any such action) unless it has been approved in accordance with the foregoing; provided that if, at any time, the CVH Parties, the Fintech Parties or such Veto Third Party Shareholder, in all cases together with all of their respective Permitted Transferees, shall hold less than the Minimum Shareholders Amount, then the approval of the matters described in this Section&nbsp;2.3 shall not require the affirmative vote of any director nominated by the CVH Parties or the Fintech Parties or such Veto Third Party Shareholder, as the case may be:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any amendment, modification, supplement or replacement of the bylaws or any other organizational documents of the Company or any&#160; Controlled Company except for the approval of the amendment of the&#160; bylaws of the Company which shall be made in order to reflect the terms and conditions set forth in this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any material change in the conduct of the business conducted by the Company or any Controlled Company on the Effective Date which is not related to the delivery of video, telephone, data and related services, or any new services undertaken by similar companies in other markets, and other businesses reasonably related thereto;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the hiring of any Key Employee that has not been designated in accordance with Section&nbsp;2.7 hereof and the dismissal with or without cause of the CFO and Internal Auditor;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any change in the Company&#146;s or any Controlled Company&#146;s independent auditors or tax advisors, other than the appointment of Deloitte Touche Tohmatsu, PricewaterhouseCoopers, KPMG or EY;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the creation of any committee of the Board or the board of directors of any Controlled Company or the expansion or reduction of the powers of the Board or of any existing committee of the Board or the board of directors of any Controlled Company;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the merger or consolidation of the Company or any Controlled Company in one transaction or in a series of related transactions, or the acquisition by the Company or any Controlled Company using Capital Stock of the Company or any Controlled Company as consideration therefore, of assets (including Capital Stock or other securities) other than a merger of the Company with CVH where; (1)&nbsp;the Company is the surviving entity of the merger, (ii)&nbsp;no assets or liabilities are transferred to the Company other than Company Shares and existing liabilities (net of cash and cash equivalents) of CVH not to exceed U.S.$1,000,000 in the aggregate, (iii)&nbsp;none of the remaining Shareholders of the Company is diluted in economic or voting rights by the exchange ratio (<i>relaci&#243;n de cambio</i>) of shares issued by CVH for shares issued by the Company or in any other manner as a result of the merger and (iv)&nbsp;the merger qualifies as a tax-free corporate reorganization under Argentine law;</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="PB_22_124055_5250"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any acquisition by the Company or any Controlled Company in one transaction or in a series of transactions (other than with a Subsidiary of the Company) of assets (including Capital Stock or other securities) unless such acquisition involves aggregate payments or assets having a Fair Market Value not in excess of U.S.$50 million;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any disposition by the Company or any Controlled Company in a transaction (other than with a wholly-owned (other than qualifying shares) Subsidiary of the Company) where the Fair Market Value of the assets disposed of exceeds U.S.$30 million, except in the case of any disposition required by the mandate of a competent Governmental Authority;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the issuance, grant, offer, sale, acquisition, redemption or purchase by the Company or any Controlled Company of shares of any class or series of its Capital Stock or other equity securities, or any securities convertible into or exercisable or exchangeable for, or options, warrants, or rights of any kind to subscribe to or acquire, any shares of any class or series of its Capital Stock or other equity securities, or any split-up, subdivision, recapitalization, combination or reclassification of the Capital Stock of the Company or any Controlled Company or the entering into of any contract, agreement, commitment or arrangement with respect to any of the foregoing;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the adoption of any stock compensation plan for management of the Company that would provide for the issuance of any securities or rights at less than Fair Market Value or that, upon issuance or exercise, would represent, in the aggregate with any Company Stock previously delivered, the greater of two percent (2%) of the Company&#146;s Capital Stock or U.S.$5 million;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the filing by the Company or any Controlled Company of a <i>concurso</i> or an <i>acuerdo preventivo extrajudicial</i> under the Argentine bankruptcy law or a petition under any other Argentine, United States or other bankruptcy or insolvency law, or the admission in writing of the bankruptcy, insolvency or general inability of the Company or any Controlled Company to pay its debts as they become due;<i> provided</i>, that no supermajority approval shall be required in the event that prior to any such filing relief is entered in respect of the Company or a Controlled Company as to which any petition or order for relief in an involuntary insolvency proceeding has been filed, insofar as such involuntary proceeding petition has not been filed by any of the Shareholders (or any of their Affiliates) that has not designated the Director opposing the decision to make such filing pursuant to this Section&nbsp;2.3(a)&nbsp;or any Affiliate of any such Shareholder;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the incurrence of Indebtedness for borrowed money by the Company or any Controlled Company, other than Indebtedness that, when added to all other outstanding Indebtedness of the Company and its Controlled Companies (net of any cash escrows dedicated solely to repay Indebtedness) does not exceed three (3)&nbsp;times the Company&#146;s consolidated EBITDA for the last period of twelve (12) months immediately preceding such incurrence of Indebtedness for which consolidated financial statements of the Company are available;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the creation or imposition of any Encumbrance on any assets of the Company or any Controlled Company having a Fair Market Value in excess of U.S.$30 million except for those encumbrances specifically approved as part of the authorization of capital expenditures or acquisitions;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the making of any loan or advance to any Person or the guaranteeing of the obligations of any Person, other than or (A)&nbsp;any guaranty of indebtedness of a Subsidiary permitted to be incurred under Section&nbsp;2.3(a)(xii)&nbsp;hereof, (B)&nbsp;any commercial advances for which prior approval has been obtained in connection with projects approved pursuant to clause (xvi)&nbsp;or (viii)&nbsp;or (C)&nbsp;any commercial advance to providers or suppliers of the Company or a controlled Company the amount </p>
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<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">outstanding of which does not exceed in the aggregate U.S.$ 20 million in any one transaction or in any series of&#160; transactions;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the making of Capital Expenditures in any given fiscal year not expressly contemplated in a Business Plan or Annual Budget in excess of, in the aggregate, an amount equal to U.S.$45 million, excluding Requisite Expenditures; provided that, except as contemplated in a Business Plan or Annual Budget approved by the Board taking into account other provisions of this Section&nbsp;2.3(a), the making of any Capital Expenditures (other than Requisite Expenditures) shall only be permitted (x)&nbsp;if dividend payments in accordance with the Dividend Policy have not been, or are not being, made or (y)&nbsp;if the Company has not complied, or is not complying, with the Dividend Policy, with the affirmative vote of at least one of the directors nominated by the Fintech Parties or the Veto Third Party Shareholder;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the entering into of any contract or other arrangement not contemplated in a Business Plan or Annual Budget approved in accordance with (xxiii)&nbsp;pursuant to which the Company or any Controlled Company is required to make payments in excess of (A)&nbsp;U.S.$5 million in respect of any transaction or series of transactions not in the ordinary course of business and (B)&nbsp;U.S.$30 million in respect of any transaction or series of transactions in the ordinary course of business, in each case not subject to any other clause of this Section;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transaction with an Affiliate of a Shareholder that does not comply with Section&nbsp;2.2(i);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the consolidation of the operations of the Company or any Controlled Company unless such consolidation would not result in (A)&nbsp;dilution in economic or voting rights of any Shareholder or (B)&nbsp;the consolidation of any Person with a negative net worth;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any increase, in any fiscal year, (i)&nbsp;in the compensation of the CEO in excess of 10% in real terms after taking into consideration the effects of inflation in U.S. dollars or Argentine Pesos depending on the currency on which the relevant compensation is denominated, and (ii)&nbsp;in the compensation of Key Employees of the Company and its Controlled Companies, if after such increase the annual remuneration of such Key Employee for such fiscal year exceeds 80% of the annual compensation in real terms of the CEO for such fiscal year.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the entering into of any new line of business or the discontinuance of any significant line of business of the Company or any Controlled Company;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the entering into of any contract or other arrangement or agreement that imposes any restriction or condition on the payment of dividends or any other distribution to Shareholders that would prevent compliance with the Dividend Policy;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the filing, application or request for any approval of the de-registration of securities with domestic or international governmental entities or the delisting of equity securities in domestic or international securities markets;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxiii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the establishment, adoption or modification of the Business Plan or the Annual Budget of the Company provided in Section&nbsp;2.3(b).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the avoidance of doubt, any transaction contemplated in a Business Plan or Annual Budget that has been duly approved by the Board taking into account the provisions of this Section&nbsp;2.3(a)&nbsp;shall be deemed to have been duly approved for the purpose of any other clause of this Section&nbsp;2.3(a).</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="PB_24_124225_7672"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&nbsp;No later than twenty (20) days prior to the end of each fiscal year, management shall submit to the Executive Committee the consolidated Annual Budget and the Business Plan for the Company and its Controlled Companies for the following fiscal year. The consolidated Annual Budget and the Business Plan shall establish, <i>inter alia,</i> (1)&nbsp;the minimum projected indebtedness of the Company, (2)&nbsp;the maximum amount of Capital Expenditures for each type of Capital Expenditure, (3)&nbsp;the maximum amount of operating expenses in terms of margin over sales or a maximum amount of operating expenses,</font>  </font>(4)&nbsp;the minimum amount of cash and cash equivalents to be maintained by the Company, and (5)&nbsp;the projected availability of cash to pay dividends and the amount of dividends to be distributed; provided that the first Business Plan and consolidated Annual Budget of the Company and its Controlled Companies following the Merger Effective Date (x)&nbsp;shall be prepared in consultation with the Parties, (y)&nbsp;shall be subject to the mutual agreement of the Parties, and (z)&nbsp;shall cover (i)&nbsp;the interim period starting on the Merger Effective Date and ending the same day as the fiscal year on which the Merger Effective Date occurs, and (ii)&nbsp;the immediately following three fiscal years in respect of the Business Plan and the immediately following fiscal year in respect of the Annual Budget; provided further that (A)&nbsp;for as long as the Parties have not mutually agreed upon such first Business Plan and consolidated Annual Budget of the Company and its Controlled Companies, the Company shall use the combined business plans and annual budgets of TEO and Cablevisi&#243;n existing as of the Merger Effective Date solely for purposes of continuing&#160; operations, provided that only up to the Category Reallocation Percentage of any amounts allocated to a specific line item of the corresponding Category in the Annual Budgets of TEO and Cablevisi&#243;n that remain unused at the end of such fiscal year as a direct result of the synergies resulting from the Merger or the Merger itself may be redirected to a different line item of the same Category of either TEO or Cablevision without the prior approval of each Party hereto; and (B)&nbsp;for so long as the Parties have not mutually agreed upon&#160; any subsequent Business Plan or consolidated Annual Budget, the Company shall conduct its operations under the most recently approved business plan and consolidated annual budget as adjusted to reflect the effects of inflation in U.S. dollars or Argentine Pesos on the items denominated in either currency, as applicable.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;The Parties shall take such measures as may be required to cause the Company to implement the Dividend Policy as the same may be modified from time to time with the written consent of the Fintech Parties, provided that they hold in the Aggregate the applicable the Minimum Shareholders Amount, and any Veto Third Party Shareholder.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything to the contrary in this Agreement, for as long as any Bono de Goce Clase A remains outstanding, the Fintech Parties may require the Company to make dividend payments up to the maximum amount permitted by law&#160; and the CVH Parties shall vote in favor of such decision.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Shareholder Voting.</u> With respect to any matter described in Section&nbsp;2.3(a)(i)-(xxiii)&nbsp;(a &#147;<u>Veto Matter</u>&#148;) that is brought to a vote of the Shareholders, the approval of such Veto Matter shall require the affirmative written vote of each Shareholder party to this Agreement owning (together with its Permitted Transferees) the Minimum Shareholders Amount (a &#147;<u>Veto Shareholder</u>&#148;).&#160; At least five Business Days prior to any Shareholders&#146; meeting at which a vote on a Veto Matter is scheduled to occur, the Veto Shareholders shall notify the other Veto Shareholders of their vote on such Veto Matter.&#160; If the Veto Shareholders are not unanimous in their approval of such Veto Matter, or if at least one of the Veto Shareholders has failed to notify the other Veto Shareholders of its vote on such veto Matter, each Veto Shareholder shall oppose such matter at the shareholders meeting unless the Veto Shareholder that failed to notify the other Veto Shareholders of its vote on such matter votes in favor of the approval of such Veto Matter at such meeting.&#160; If all Veto Shareholders are in unanimous agreement to approve such Veto Matter, they shall vote accordingly at the Shareholders&#146; meeting.&#160; If the Veto Shareholders are not unanimous in their approval of such Veto Matter, or if one of the Veto Shareholders has failed to notify the other Veto Shareholders of its vote on such matter, each Veto Shareholder shall oppose such matter at the shareholders meeting unless the Veto Shareholder that failed to so notify the other Veto Shareholders </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">votes in favor of the approval of such Veto Matter at such meeting.&#160; The Company, upon becoming a party hereto, shall not take any action or permit a Controlled Company to take any action with respect to a Veto Matter that has been brought to a vote of the Shareholders unless the Veto Shareholders have voted unanimously to approve such matter.&#160; For so long as CVH owns a beneficial interest, directly or indirectly, in VLG, in the event that a matter other than a Veto Matter is brought to a vote of the Shareholders, VLG shall only participate in such meeting of Shareholders if any Company Shares held by VLG shall be voted as instructed by CVH or otherwise not attend such meeting. The agenda for any Shareholders&#146; meeting shall not include a Veto Matter and a matter other than a Veto Matter under the same point of the agenda for such Shareholders&#146; meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.5.&nbsp;&nbsp;<u>Board Meetings</u>.&#160; The Board will meet at least on a quarterly basis.&#160; All Board meetings will be conducted in accordance with this Agreement, the bylaws of the Company and Argentine law.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.6.&nbsp;&nbsp;<u>Cooperation</u>. Except where otherwise expressly provided herein, each Shareholder shall vote its Company Shares or cause its Company Shares to be voted and use its reasonable best efforts to cause its Director Designees to vote and shall, as necessary or desirable, attend all meetings in <u>person</u> or by proxy for purposes of obtaining a quorum, and execute all written consents in lieu of meetings, as applicable, in furtherance of the provisions of this Article&nbsp;II.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.7.&nbsp;&nbsp;<u>Election of Management</u>. The parties agree that the Key Employees of the Company, shall be appointed in accordance with this Section&nbsp;2.7.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>CEO and Key Employees</u>. For as long as the CVH Parties satisfy the CVH Majority Ownership Requirement, the CEO and any other Key Employee (other than the CFO and the Internal Auditor) to be designated by the Board of the Company shall be a person proposed by CVH, provided that Fintech Advisory, for as long as the Fintech Parties hold the corresponding Minimum Shareholders Amount, or the Veto Third Party Shareholder, if applicable, shall have a veto right over any such designee, which may be exercised with or without cause, in respect of the first two (2)&nbsp;persons proposed by CVH to fill any vacancy of such positions at any given time.&#160; In the event that Fintech Advisory (or the Veto Third Party Shareholder, if applicable) exercises its veto rights in respect of the first two (2)&nbsp;persons proposed by CVH to fill any vacancy of such positions, the Chairman of the Board shall select an Executive Search Firm to conduct a professional search for the best three (3)&nbsp;candidates available at such time to fill such vacant position and the Board members that were nominated by CVH shall be entitled to nominate one (1)&nbsp;of the three (3)&nbsp;candidates proposed by the Executive Search Firm as the person to be appointed by the Board to such vacant position.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>CFO and Internal Auditor</u>.&#160; For as long as Fintech Parties hold the corresponding Minimum Shareholders Amount, or a Shareholder qualifies as the Veto Third Party Shareholder at such time, the CFO and the Internal Auditor of the Company to be designated by the Board of the Company shall be a person proposed by Fintech Advisory or the Veto Third Party Shareholder, as applicable, provided that CVH, for as long as the CVH Parties satisfy the CVH Majority Ownership Requirement shall have a veto right, which may be exercised with or without cause, in respect of the first two (2)&nbsp;persons proposed by Fintech Advisory or the Veto Third Party Shareholder, as applicable, to fill the vacancy of the respective position at any given time.&#160; In the event that CVH exercises its veto rights in respect of the first two (2)&nbsp;persons proposed by Fintech Advisory or the Veto Third Party Shareholder, as applicable, to fill any vacancy of such positions, the Vice-Chairman of the Board shall select an Executive Search Firm to conduct a professional search for the best three (3)&nbsp;candidates available at such time to fill such vacant position and the Board members that were nominated by Fintech Advisory or the Veto Third Party </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder, as applicable, shall be entitled to nominate one (1)&nbsp;of those three (3)&nbsp;candidates as the person to be appointed by the Board as CFO or Internal Auditor, as the case may be.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.8.&nbsp;&nbsp;<u>CVH Trust</u>. (a)&nbsp;The Parties shall create a voting trust (the &#147;<u>CVH Trust</u>&#148;) and enter into a trust agreement to implement the provisions of this Section&nbsp;2.8. (the &#147;<u>CVH Trust Agreement</u>&#148;).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fintech Parties jointly and severally undertake to contribute to the CVH Trust a number of Class&nbsp;A Company Shares (the &#147;<u>Class&nbsp;A Trust Shares</u>&#148;) equal to the difference of (x)&nbsp;the number of Company Shares that represent 50% of all Company Shares plus two (2)&nbsp;Company Shares, minus (y)&nbsp;the sum of (i)&nbsp;the number of Company Shares to be held by the CVH Parties in the aggregate as a result of the Merger as of the consummation of the Merger pursuant to the Preliminary Merger Agreement<i> plus </i>(ii)&nbsp;the number of Company Shares to be held by the CVH Parties in the aggregate on the closing of the Call Option Agreement, but in no event exceeding the number of Company Shares held by the CVH Parties.&#160; For the avoidance of doubt, the Fintech Parties shall only be obligated to make one (1)&nbsp;contribution of Class&nbsp;A Trust Shares pursuant to this Section&nbsp;2.8(b), regardless of the number of Company Shares held by the CVH Trust or the CVH Parties thereafter.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The CVH Parties shall contribute to the CVH Trust a number of Class&nbsp;D Company Shares (the &#147;<u>Class&nbsp;D Trust Shares</u>&#148; and, together with the Class&nbsp;A Trust Shares, the &#147;<u>Trust Shares</u>&#148;) equal to the number of Class&nbsp;A Trust Shares, at any given time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall have the right to designate one of the co-trustees of the CVH Trust and FT shall have the right to designate the other co-trustee.&#160; The initial co-trustee designated by CVH shall be Mr.&nbsp;H&#233;ctor Horacio Magnetto (&#147;<u>HHM</u>&#148;) and the initial co-trustee designated by FT shall be Mr.&nbsp;David Mart&#237;nez (&#147;<u>DM</u>&#148;). Each of CVH and FT shall be entitled to designate a replacement for its respective co-trustee; provided that CVH may only replace HHM as co-trustee with either Mr.&nbsp;Jos&#233; Antonio Aranda (&#147;<u>JAA</u>&#148;) or Mr.&nbsp;Lucio Rafael Pagliaro (&#147;<u>LP</u>&#148;), and FT may only replace Mr.&nbsp;DM with the president, the chief operating officer, or the general counsel of Fintech Advisory (the &#147;<u>Eligible Substitutes</u>&#148;); provided further that, Mr.&nbsp;HHM, Mr.&nbsp;JAA and Mr.&nbsp;LP will be eligible to serve as, or replace Mr.&nbsp;HHM as, co-trustee (the &#147;<u>Trustee Condition</u>&#148;) only if each of the following conditions are satisfied: (i)&nbsp;only one or more Permitted Holders own 100% of the equity of Dominio; (ii)&nbsp;Dominio and/or one or more Permitted Holders, individually or collectively, Control CVH and (iii)&nbsp;the CVH Parties, hold, directly or indirectly, the Minimum CVH Threshold, as applicable. The co-trustees shall be entitled and obligated to exercise the voting rights of the Class&nbsp;A Trust Shares and the Class&nbsp;D Trust Shares pursuant to the terms of&#160; the CVH Trust Agreement and in accordance with this Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The CVH Trust shall terminate automatically and immediately upon the earlier to occur of (the &#147;<u>CVH Trust Termination Event</u>&#148;) (x)&nbsp;on June&nbsp;30, 2030 and (y)&nbsp;upon the occurrence of an Anticipated Termination Event (as defined below) and the Trust Shares shall be delivered immediately to FT and to CVH respectively. &#147;<u>Anticipated Termination Event</u>&#148; shall occur upon any of the following events: (i)&nbsp;any Person other than a Permitted Holder acquires an equity interest in Dominio; (ii)&nbsp;Dominio Ceases to control CVH; (iii)&nbsp;the CVH Parties cease to hold the Minimum CVH Threshold, as applicable; (iv)&nbsp;CVH in its absolute discretion provides notice to each of the co-trustees that the CVH Trust is to be terminated; or (v)&nbsp;in case of an alleged breach by the CVH Parties or by the co-trustees appointed by CVH under and Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;2.4 or Article&nbsp;IV of this Agreement, which breach must be notified in writing to the CVH Parties providing for a 30 day period to cure such breach or provide reasonable explanations, the date on which an award is rendered with respect to a Dispute arisen as a result of such breach and following an arbitration with respect to such Dispute initiated in accordance with Section&nbsp;7.12 hereof establishing that such CVH Party or CVH Parties have failed to honor their obligations to the Fintech Parties under and Section&nbsp;2.2, Section&nbsp;2.3, Section&nbsp;2.4 or Article&nbsp;IV of this Agreement (provided </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that, for the avoidance of doubt, irrespective of whether any arbitration with respect to the termination of the CVH Trust has been initiated or finalized prior to June&nbsp;30, 2030, on June&nbsp;30, 2030 the parties agree to terminate any such arbitration and lift any injunctions or precautionary measures that may have been put in place prior to such date and the CVH Trust will terminate in accordance with the first sentence of this Section&nbsp;2.8(e)).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except in respect of any vote concerning a Veto Matter, each of the Parties agrees that the Trust Shares shall be voted by the co-trustee designated by CVH in the same manner that CVH votes its Company Shares with respect to any decision brought to a shareholder vote; provided that in respect of any vote concerning the election of the members of the Board or other corporate bodies of the Company, in the event that CVH does not comply with the terms of this Agreement with respect to such election, the co-trustees appointed by CVH and FT shall abstain from voting the Trust Shares. In respect of any vote concerning a Veto Matter, each of the Parties agrees that the Trust Shares shall be voted at the discretion of the co-trustee designated by FT.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that the CVH Parties acquire directly or indirectly additional Company Shares at any time following the contribution of the Class&nbsp;A Trust Shares by the Fintech Parties to the CVH Trust pursuant to Section&nbsp;2.8(b), an equivalent number of Class&nbsp;A Trust Shares and an equivalent number of Class&nbsp;D Trust Shares shall be released from the CVH Trust to the Fintech Parties and the CVH Parties, respectively.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The CVH Trust Agreement shall be negotiated in good faith by CVH and Fintech Advisory based on preliminary versions exchanged hereof prior to the date hereto.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.9.&nbsp;&nbsp;<u>Parties Prior Meetings</u>.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Prior to any meeting of the Shareholders, Board of Directors or any committee, other than a meeting of the Internal Audit Committee or the Audit Committee (<i>Comit&#233; de Auditor&#237;a</i>), if any, of the Company, and of any of the Subsidiaries, the CVH Parties, the Fintech Parties or the Veto Third Party Shareholder, as applicable, through their representatives, shall have the right, in the case of any meeting concerning a matter that is not a Veto Matter, and the obligation, in case of any meeting concerning a matter that is a Veto Matter pursuant to Section&nbsp;2.3(a), to convene the other Party in a meeting of the Parties (a &#147;<u>Parties Prior Meeting</u>&#148;) to define the manner in which they, or their respective representatives, will exercise their respective vote at such meeting in accordance with the provisions set forth in this Agreement.&#160; Absent an agreement with respect to such Veto Matter, each of the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable, agrees (i)&nbsp;not to convene a meeting of the Shareholders, Board of Directors or any committee (other than a meeting of the Internal Audit Committee or the Audit Committee, if any), and&#160; (ii)&nbsp;if convened, as the case may be, by any other shareholder or Director not nominated by the CVH Parties or the Fintech Parties (or the Veto Third Party Shareholder, as applicable), to vote, and to cause their respective representatives to vote or take any action, at the relevant meeting only in strict compliance with the decisions discussed at the Parties Prior Meeting.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable, or either of their respective representatives may call a Parties Prior Meeting by providing prior written notice, either by fax or registered mail, to all the addresses listed in Section&nbsp;7.10, at least five (5)&nbsp;days prior to the proposed date of such Parties Prior Meeting, which shall take place at least forty-eight (48) hours before the relevant meeting of the Shareholders, the Board or the applicable committee, which notice shall set forth a list of the subjects to be examined at the Parties Prior Meeting and the location of the Parties Prior Meeting (such notice, the &#147;<u>Parties Prior Meeting Notice</u>&#148;).&#160; The Parties Prior Meeting shall meet at the location indicated in the Parties Prior Meeting Notice; provided that if any of the CVH </p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Parties or the Fintech Parties or the Veto Third Party Shareholder, if applicable, or their respective representatives so requests, the Parties Prior Meeting shall meet through video conference or teleconference.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding Section&nbsp;2.9(b)&nbsp;above, if, for any reason, the meeting of Shareholders, the Board or any committee is called with less than five (5)&nbsp;days prior notice, under the terms of the relevant Bylaws, and if a Party requests a Parties Prior Meeting, such Parties Prior Meeting shall take place as early as possible before such meeting of the Shareholders, the Board or the applicable committee.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Parties shall appoint five (5)&nbsp;representatives to attend each Parties Prior Meeting.&#160; For so long as the CVH Majority Ownership Requirement is satisfied, the CVH Parties shall appoint three (3)&nbsp;representatives, and the Fintech Parties, or the Veto Third Party Shareholder, as applicable, shall appoint two (2)&nbsp;representatives, and thereafter, the Shareholder with the highest Agreement Ownership Percentage shall appoint three (3)&nbsp;representatives and the Shareholder with the second highest Agreement Ownership Percentage shall appoint two (2)&nbsp;representatives.&#160; If any of the representatives appointed by the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable, do not attend the meeting, a second meeting will be automatically scheduled for twenty-four (24) hours following the initial meeting, at the same time and place, or via the same video conference or teleconference bridge.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The resolutions of the Parties Prior Meeting shall be adopted by the affirmative vote of the majority of the representatives attending the Parties Prior Meeting, except that in case of any resolution related to a Veto Matter, such resolution shall be adopted only by unanimous consent of all of the appointed representatives of the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable, including, for the avoidance of doubt, the representatives that are not present at the applicable Parties Prior Meeting.&#160; In lieu of convening a Parties Prior Meeting, the Parties may adopt any resolution by unanimous consent, confirmed by correspondence (fax, telex,&nbsp;etc.) by each of the representatives appointed by the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fintech Parties will appoint the secretary of each Parties Prior Meeting in order to draft the minutes of the Parties Prior Meeting, which shall be in English and shall set forth the resolutions adopted during the meetings of Parties Prior Meeting. The minutes shall be signed by the representatives of the CVH Parties and the Fintech Parties or the Veto Third Party Shareholder, as applicable, who attend the Meeting prior to the relevant meeting of the Shareholders, the Board or the applicable committee for which such Parties Prior Meeting was convened, and shall constitute the mutual and irrevocable agreement of the Parties with respect to the matters set forth therein and shall be binding upon the parties.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Should the representatives attending a Parties Prior Meeting fail to reach a resolution on any Veto Matter (&#147;<u>Deadlock</u>&#148;), the following procedure shall apply:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the matter in relation to which the Deadlock arose shall not be discussed by the relevant meeting of the Shareholders, Board or applicable committee and the CVH Parties and&#160; the Fintech Parties or the Veto Third Party Shareholder, as applicable, shall reconvene in a new Party&#146;s Prior Meeting within five (5)&nbsp;days from the date on which the Deadlock arose to discuss and resolve the Deadlock and shall promptly call the new relevant meeting of the Shareholders, the Board or the applicable committee;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the event that the representatives attending the new Parties Prior Meeting fail to resolve the Deadlock, the respective chairmen of CVH and Fintech Advisory, or the Veto Third Party Shareholder, if applicable,&#160; shall meet within ten (10)&nbsp;days from the date of such new Parties Prior Meeting to reach a resolution;</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">29<a name="PB_29_124730_6228"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the event that the Chairmen of CVH and Fintech Advisory, or of the Veto Third Party Shareholder, if applicable, fail to resolve the Deadlock, the matter shall not be included for consideration at the meeting of the Shareholders, the Board or the applicable committee until an agreement is reached between the Parties.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;III</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">REPORTS,&nbsp;INSPECTION RIGHTS AND<br> OTHER FINANCIAL MATTERS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.1.&nbsp;&nbsp;<u>Right to Inspect Records</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall (a)&nbsp;permit each Shareholder party to this Agreement to inspect and examine the books, records, files, long term and other business plans and other documents of the Company and each Controlled Company upon reasonable notice to the Company and at reasonable times and in a manner so as not to unreasonably disrupt the business operations of the Company or any Controlled Company, and (b)&nbsp;shall provide to each Shareholder party to this Agreement any and all information reasonably requested by it in order to comply with any legal, tax or regulatory requirements applicable to such Shareholder</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.2.&nbsp;&nbsp;<u>Financial Reporting</u>.&#160; The Company shall furnish to the Shareholder party to this Agreement, in English and Spanish:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as soon as available, and in any event within ninety&nbsp;(90) days after the end of each fiscal year:&#160; (i)&nbsp;an audited balance sheet of the Company and its consolidated subsidiaries as of the end of such fiscal year, together with the related statements of income, stockholders&#146; equity and cash flows for the fiscal year then ended, prepared in accordance with IFRS and certified by the Company&#146;s auditor; and (ii)&nbsp;any related management letters from such auditor;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as soon as available, and in any event within sixty&nbsp;(60) days after the end of each quarter in each fiscal year (other than the last quarter in each fiscal year) (i)&nbsp;an unaudited balance sheet of the Company and its consolidated subsidiaries and the related statements of income, stockholders&#146; equity and cash flows, prepared in accordance with IFRS (except that such unaudited financial statements need not contain all of the required footnotes and may be subject to normal, recurring year-end adjustments), and (ii)&nbsp;a copy of any certification delivered by the CFO to the Company&#146;s auditor regarding such unaudited balance sheet and related statements of income, stockholders&#146; equity and cash flows;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as soon as available, and in any event no later than twenty&nbsp;(20) days prior to the start of each fiscal year, capital and operating expense budgets, cash flow projections and income and loss projections for the Company and its Controlled Companies in respect of such fiscal year and an Annual Business Plan, all itemized in reasonable detail and prepared on a monthly basis, and, promptly after preparation, any revisions to any of the foregoing; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other information which any of the Shareholders party to this Agreement may reasonably request in order to prepare its regulatory filings and financial statements.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.3.&nbsp;&nbsp;<u>Shareholder Meeting with Management</u>. The parties agree to cause the Company to establish a regular and periodic schedule of meetings of the senior management of the Company with the </font>Shareholders entitled to make a Director Designation of at least one Director pursuant to Section&nbsp;2.2. hereof to keep the Shareholders updated on the ordinary course of business operations of the Company at </p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">30<a name="PB_30_124748_6479"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which meetings all the Shareholders may attend and receive the same information to the extent such information is not in violation of any applicable public disclosure requirements.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.4.&nbsp;&nbsp;<u>Ethical Business Practices</u>.&#160; The Company and each Shareholder party to this Agreement agrees, severally and not jointly, not to offer or give on behalf of the Company or any Controlled Company or any Shareholder, either directly or through any other Person, including any officer, director, employee or agent of the Company or any Controlled Company or any Shareholder, any money or anything else of value to any government official, including any official of a Governmental Entity and any member of the government, any political party or official thereof, or any candidate for political office (collectively and individually hereinafter referred to as an &#147;<u>Official</u>&#148;) or&#160; any other Person, while knowing or having reason to know that all or a portion of such money or thing of value may be offered, given or promised, directly or indirectly, to any Official for the purpose of any of the following: (A)&nbsp;(i)&nbsp;influencing any action or decision of such Official, in his, her or its official capacity, (ii)&nbsp;inducing such Official to do or omit to do any act in violation of the lawful duty of such Official, or (iii)&nbsp;securing any improper advantage; or (B)&nbsp;inducing such Official to use his, her or its influence with any Governmental Entity to affect or influence any act or decision of such Governmental Entity in order to assist the Company or any Controlled Company or any Shareholder in obtaining or retaining business for or with, or directing business to, any Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;IV</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFER OF COMPANY SHARES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.1.&nbsp;&nbsp;<u>General Restriction on Transfers; Transfers to Permitted Transferees</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No Shareholder shall Transfer any of its Company Shares during the term of this Agreement other than as permitted in and after complying with this Article&nbsp;IV.&#160; Any purported Transfer of Company Shares in violation of this Agreement shall be void and ineffectual and the Company shall not record or permit to be recorded such Transfer on its stock transfer books or other records.&#160; If, notwithstanding the preceding sentence, any such Transfer is held by a court of competent jurisdiction to be effective, then the provisions of this Article&nbsp;IV shall apply to the transferee and to any subsequent Transfer of all or any part of the transferred Company Shares as fully as if the transferee were a party to this Agreement.&#160; Each certificate representing any Company Shares (other than Class&nbsp;B Stock) registered in the name of a Shareholder shall bear a legend in substantially the following form (or, if any Company Shares (other than Class&nbsp;B Stock held by a Shareholder) are in book-entry form, the Company shall make a notation in its records as to such Company Shares to the following effect):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A SHAREHOLDERS AGREEMENT, DATED JULY 7, 2017 (AS AMENDED FROM TIME TO TIME), BY AND AMONG THE COMPANY AND THE SHAREHOLDERS OF THE COMPANY NAMED THEREIN, A COPY OF WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY IN BUENOS AIRES, ARGENTINA.&#160; THE SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF THESE SHARES IS SUBJECT TO THE TERMS OF SUCH AGREEMENT.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Shareholder may Transfer all or any part of its Company Shares to a Permitted Transferee; <i>provided </i>that such Permitted Transferee becomes a party to this Agreement and agrees to be bound by all of the terms and conditions hereof.&#160; Upon becoming a party to this Agreement, such Permitted Transferee shall, as to the Company Shares so acquired, be substituted fully for and shall enjoy the same rights and be subject to the same obligations as the Shareholder from whom it acquired such </p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Shares</font>.&#160; CVH shall cause any Permitted Holder that acquires Company Shares to execute and deliver to the parties hereto an instrument, in form and substance reasonably satisfactory to the parties hereto, by which such Permitted Holder agrees&#160; that it shall be bound by, and take such Company Shares subject to, the rights, obligations and restrictions set forth in this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as provided in Section&nbsp;4.1(b), the parties agree that (i)&nbsp;any Transfer by any CVH Party, FT, FIA or any other Shareholder, of any of its interest in any Vehicle of CVH, FT, FIA or such other Shareholder, as the case may be, which at any time owns directly or indirectly Company Shares, (ii)&nbsp;the Transfer by Dominio of the Capital Stock of CVH that would result in a change of Control of CVH or (iii)&nbsp;the Transfer by Fintech Advisory of the Capital Stock of FT or FIA that would result in a change of Control of FT or FIA, shall, for purposes of this Agreement, be deemed to be a Transfer of Company Shares equal to that number of Company Shares which represents the indirect ownership interest in the Company Transferred by the relevant Shareholder, and the other Shareholders, as the case may be, shall have the right (A)&nbsp;to purchase Company Shares, as the case may be, as set forth in Section&nbsp;4.2 and (B)&nbsp;to sell Company Shares, as the case may be, as set forth in Section&nbsp;4.3 in connection with such Transfer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that any Shareholder reaches a binding agreement with any Person or group of Persons (other than a Shareholder) making a bona fide offer to purchase shares of a Subsidiary of CVH, FT or FIA or of the Veto Third Party Shareholder, at a time when such Subsidiary is not a Vehicle (&#147;<u>Non Vehicle Subsidiary</u>&#148;), such Shareholder shall require such Person to make a separate offer and agreement regarding the proportionate number of Company Shares underlying the interests of such Non Vehicle Subsidiary to be purchased, which separate offer and agreement shall be subject to Section&nbsp;4.2, as applicable, and which shall not be for less on a per Company Share basis than the Per Share Price.&#160; For purposes of this Section, the aggregate with respect to Company Shares held by any Non Vehicle Subsidiary, shall be equal to (I)&nbsp;(a)&nbsp;the Fair Market Value of the Company Shares held by such Non Vehicle Subsidiary divided by the Fair Market Value of all of the assets of such Non Vehicle Subsidiary, multiplied by (b)&nbsp;the value of the offer with respect to the shares of the to be purchased. In the event that the bona fide offer is an offer to purchase both interest in the Non Vehicle Subsidiary and Company Shares, for purposes of calculating the Per Share Price, such Company Shares shall be deemed to be assets held by the Non Vehicle Subsidiary, and a separate offer and agreement shall be made respecting such Company Shares, which separate offer and agreement shall be subject to Section&nbsp;4.2, as applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The provisions of Section&nbsp;4.2 and Section&nbsp;4.3 shall not apply to any (i)&nbsp;Transfer of Company Shares effected on an internationally recognized securities exchange or automated quotation system, other than if sold as a block trade and (ii)&nbsp;Transfer of Company Shares by (x)&nbsp;the CVH Parties to the Fintech Parties or (y)&nbsp;the Fintech Parties to the CVH Parties.&#160; Prior to effecting a Transfer of Class&nbsp;A Capital Stock or Class&nbsp;D Capital Stock to any Person that shall not be bound to become a party to this Agreement, the Shareholder proposing to effect such Transfer shall request the conversion of such Class&nbsp;A Capital Stock or Class&nbsp;D Capital Stock, as applicable, to Class&nbsp;B Capital Stock.&#160; Any transfer of Company Shares in violation of this Section&nbsp;4.1(e)&nbsp;shall be void and ineffectual and the Company shall not record or permit to be recorded such Transfer on its stock transfer books or other records.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding the foregoing, (i)&nbsp;if any Shareholder is (A)&nbsp;required by a court of other Governmental Entity of competent jurisdiction or authority to divest any of its Company Shares by reason of any law hereinafter promulgated that regulates the foreign ownership of companies such as the Company, or (B)&nbsp;advised by legal counsel of recognized standing in Argentina that, in the opinion of such counsel, any law or decision requires such divestiture, and such Shareholder, using commercially reasonable efforts, cannot otherwise comply with such law or comply with or have reversed such decision, then the provisions of Section&nbsp;4.3 will not apply to any sale of any Company Shares by such Shareholder in connection with compliance with such law or decision, and (ii)&nbsp;if any Shareholder is advised by legal counsel of recognized standing in Argentina that, in the opinion of such counsel, any</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentine law or decision requires such Shareholder to divest its Company Shares or otherwise prohibits the exercise by such Shareholder of its rights hereunder, and such Shareholder, using commercially reasonable efforts, cannot otherwise comply with such law or comply with or have reversed such decision, such Shareholder shall be entitled to sell its Company Shares without regard to the provisions of Section&nbsp;4.3.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Class&nbsp;A Shareholder or Class&nbsp;D Shareholder has been advised by legal counsel of recognized standing in Argentina that, in the opinion of such counsel, any draft law, regulation or decision in a proceeding involving such Shareholder is reasonably likely to require such Shareholder to divest any of its Company Shares, and such Shareholder, using commercially reasonable efforts, would not otherwise be able to comply with such law, regulation or decision then such Class&nbsp;A Shareholder or Class&nbsp;D Shareholder, as the case may be, shall be permitted to transfer all but not less than all of the Company Shares held by them (the &#147;<u>Transferred Interest</u>&#148;), in each case without compliance with Sections 4.2 and 4.3 hereof, to a single third party transferee (the &#147;<u>25% Holder</u>&#148;); <i>provided</i> that (i)&nbsp;such Class&nbsp;A Shareholder or Class&nbsp;D Shareholder, as the case may be, shall continue to retain, directly or indirectly, by means of an instrument in form and substance reasonably satisfactory to the remaining Class&nbsp;A Shareholders and Class&nbsp;D Shareholders, not less than seventy-five percent (75%) of the full economic interest and risk associated with such Transferred Interest (the &#147;<u>Retained Economic Interest</u>&#148;); (ii)&nbsp;the 25% Holder shall become a party to this Agreement bound by all of the terms and conditions hereof; (iii)&nbsp;the restriction that it may not transfer less than all of the Transferred Interest held by it, and may transfer only in conjunction with the transfer by the initial transferring Class&nbsp;A Shareholder or Class&nbsp;D Shareholder, as the case may be, of the Retained Economic Interest; (iv)&nbsp;the initial transferring Class&nbsp;A Shareholder or Class&nbsp;D Shareholder, as the case may be, shall remain a party hereto and any Transfer of the Retained Economic Interest shall be subject to the transfer restrictions set forth in this Agreement to the same extent as if such Retained Economic Interest were shares of Company Stock; (v)&nbsp;such Transferred Interest and Retained Economic Interest shall be transferred only as a single unit to a single Person; and (vi)&nbsp;the Class&nbsp;A Shareholder or Class&nbsp;D Shareholder, as the case may be, transferring the Transferred Interest to a 25% Holder shall guarantee all of the obligations of the 25% Holder hereunder.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.2.&nbsp;&nbsp;<u>Right of First Refusal</u>.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as set forth in Section&nbsp;4.1(b)-(e), if any Shareholder party to this Agreement wishes to Transfer (any such Shareholder, a &#147;<u>Selling Shareholder</u>&#148;), directly or indirectly, any of its Company Shares, to any Person or Persons (other than a Permitted Transferee) (the &#147;<u>Proposed Purchaser</u>&#148;), then such Selling Shareholder shall first deliver to each other Shareholder party to this Agreement (in each case, such offerees, the &#147;<u>Offeree Shareholders</u>&#148;), a written notice (a &#147;<u>ROFR Notice</u>&#148;) which shall specify (i)&nbsp;the number of Company Shares (including detail with respect to the numbers of Company Shares) proposed to be Transferred (the &#147;<u>ROFR Shares</u>&#148;), (ii)&nbsp;the name of the Proposed Purchaser and the terms on which such ROFR Shares shall be sold to such Proposed Purchaser, and (iii)&nbsp;the aggregate purchase price (which shall be payable in cash in US dollars or Marketable Securities) which the Proposed Purchaser has agreed to pay for the ROFR Shares (the &#147;<u>ROFR Purchase Price</u>&#148;).&#160; The ROFR Notice shall constitute an irrevocable offer by the Selling Shareholder (an &#147;<u>ROFR Offer</u>&#148;), for a period of thirty&nbsp;(30) days after delivery thereof to each Offeree Shareholder (the &#147;<u>ROFR Election Period</u>&#148;), to sell all, but not less than all, of the ROFR Shares to the Offeree Shareholders at the ROFR Purchase Price.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the ROFR Election Period, each Offeree Shareholder may elect to purchase up to their<i> pro rata</i> share (based on the number of Company Shares held by such Offeree Shareholder as a percentage of Company Shares held by all Offeree Shareholders) of the ROFR Shares at the ROFR Purchase Price by delivering written notice to such effect (a &#147;<u>ROFR Acceptance Notice</u>&#148;), prior to the expiration of the ROFR Election Period, to the Selling Shareholder.&#160; Failure by an Offeree Shareholder to so notify the Selling Shareholder of its election to accept the ROFR Offer during the applicable time </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">period shall be deemed a waiver of its purchase rights in connection with such ROFR Offer, but shall not impair or prejudice any rights of such Offeree Shareholders under this Section&nbsp;4.2 in the event that the provisions hereof again become applicable to a Transfer by the Selling Shareholder of any of the Company Shares referred to in the ROFR Notice.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that not all of the Offeree Shareholders elect to purchase their <i>pro rata</i> share of the ROFR Shares, the Offeree Shareholders electing to purchase their <i>pro rata</i> share (based on the number of shares of the Company Shares held by each such Offeree Shareholder as a percentage of the Company Shares held by all Offeree Shareholders) of the ROFR Shares shall have the right to purchase their <i>pro rata</i> share (based on the number of shares of Company Shares held directly or indirectly by such exercising Offeree Shareholders as a percentage of the Company Shares held by all Offeree Shareholders electing to so purchase under this Section&nbsp;4.2(c)) of any ROFR Shares not agreed to be purchased by the other Offeree Shareholders, during an additional fifteen (15) day period (the &#147;<u>Accretion Period</u>&#148;), beginning following notice to the Offeree Shareholders from the Selling Shareholder that not all of the ROFR Shares were agreed to be purchased during the ROFR Election Period.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any or all of the Offeree Shareholders timely accept the ROFR Offer and all of ROFR Shares are agreed to be purchased by such exercising Offeree Shareholders, such exercising Offeree Shareholders and the Selling Shareholder shall, within thirty&nbsp;(30) days following the delivery of the ROFR Acceptance Notice to the Selling Shareholder, enter into a binding agreement (a &#147;<u>Sale Agreement</u>&#148;) for the sale of the ROFR Shares at the ROFR Purchase Price to such exercising Offeree Shareholders.&#160; The Sale Agreement shall contain such terms as are customary between significant shareholders of an issuer; <i>provided</i> that the Selling Shareholder shall not be required to make any representations or warranties or provide any indemnities regarding the business of the Company, and provided further that the payment obligations of the ROFR Purchase Price shall not be made subject to obtaining the prior approval of Enacom.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The closing of the sale of the ROFR Shares under any Sale Agreement shall take place at the offices of the Company (or at such other place as may be mutually acceptable to the parties thereto) not later than two hundred seventy (270) days after the Sale Agreement was executed and delivered to the Selling Shareholder by the Offeree Shareholders (subject to extension under the circumstances and within the time periods provided in Section&nbsp;4.7). At such closing, the Selling Shareholder shall deliver the certificates representing the ROFR Shares, with any required documentary or transfer taxes or stamp taxes affixed, to the purchasing members of the Offeree Shareholders, against payment therefor as provided in the Sale Agreement, free and clear of any Encumbrance (other than this Agreement) or other encumbrances of whatsoever nature and with an appropriate transfer letter addressed to the Company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If (i)&nbsp;the Offeree Shareholders have not exercised the ROFR Option within the applicable ROFR Election Period and any Accretion Period for <u>all</u> of the ROFR Shares, or (ii)&nbsp;the Sale Agreement has not been executed by the Offeree Shareholders and tendered to the Selling Shareholder for execution within the period specified in the first sentence of Section&nbsp;4.2(d), or (iii)&nbsp;the closing of the purchase and sale of all the ROFR Shares has not occurred by the date scheduled for closing for any reason other than a breach by the Selling Shareholder of any of its or their covenants, representations or warranties in the Sale Agreement that are a condition to such closing (the first to occur of the foregoing being hereinafter referred to as the &#147;<u>Free to Sell Date</u>&#148;), then, in any such event, the Selling Shareholder shall have the right (within the period specified in Section&nbsp;4.2(g)) to sell all, but not less than all, of the ROFR Shares to the Proposed Purchaser specified in the ROFR Notice for the ROFR Purchase Price, subject to compliance by the Proposed Purchaser with the requirements of Sections&nbsp;4.2(g)&nbsp;and 4.3.&#160; No party hereto shall be permitted to transfer directly or indirectly Shares to any Person that is not a party to this Agreement pursuant to this Article&nbsp;IV, unless such Person has executed and delivered to the parties hereto an instrument, in form and substance reasonably satisfactory to the parties hereto, by which such Person </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agrees (and any subsequent transferee will be required to agree)&#160; that it shall be bound by, and take such Company Shares or interest in Company Shares subject to, the obligations and restrictions set forth in this Article&nbsp;IV as if such obligations and restrictions applied to such Person.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Selling Shareholder&#146;s right to sell the ROFR Shares to the Proposed Purchaser pursuant to Section&nbsp;4.2(f)&nbsp;shall expire and all of the provisions of this Section&nbsp;4.2 shall be reinstated in the event that the Proposed Purchaser has not purchased the ROFR Shares and complied with the requirements of Section&nbsp;4.2 in full within two hundred seventy (270) days following the Free to Sell Date, unless extended pursuant to Section&nbsp;4.7.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Offeree Shareholder accepts an ROFR Offer and then willfully fails to consummate the purchase of the ROFR Shares in accordance with the provisions of this Section&nbsp;4.2 (a &#147;<u>ROFR Defaulting Shareholder</u>&#148;), then, in addition to any remedies at law or in equity that the Selling Shareholder may have in respect of such failure, the ROFR Defaulting Shareholder shall thereafter cease to have any right to receive ROFR Offers or to enjoy the benefits of this Section&nbsp;4.2 in respect thereof.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Offeree Shareholder accepts an ROFR Offer, then during the period from the date of delivery of the ROFR Acceptance Notice until the date the ROFR Shares are transferred, the Selling Shareholder shall at all times cooperate with the remaining Shareholders in causing the Company at all times to operate its business in the ordinary course, consistent with past practices.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Permitted Holder (any such Shareholder, a &#147;<u>Dominio Selling Shareholder</u>&#148;) wishes to Transfer, directly or indirectly, any of its shares in Dominio to any Person or Persons (other than a Permitted Holder) (the &#147;<u>Proposed Dominio Purchaser</u>&#148;) and following such Transfer the Permitted Holders would not, collectively, hold more than 50% of the equity interests of Dominio and otherwise Control Dominio, then the legal representative of Dominio shall not permit such Transfer to be consummated unless the Dominio Selling Shareholder has first delivered to Fintech Advisory (if no Veto Third Party Shareholder exists) or the Veto Third Party Shareholder Representative, if applicable, a written notice (a &#147;<u>Dominio ROFR Notice</u>&#148;) which shall specify (i)&nbsp;the number of shares of Dominio&#160; proposed to be Transferred (the &#147;<u>Dominio ROFR Shares</u>&#148;), (ii)&nbsp;the name of the Proposed Dominio Purchaser and the terms on which such Dominio ROFR Shares shall be sold to such Proposed Dominio Purchaser, and (iii)&nbsp;the aggregate purchase price (which shall be payable in cash in US dollars or Marketable Securities) which the Proposed Dominio Purchaser has agreed to pay for the Dominio ROFR Shares (the &#147;<u>Dominio ROFR Purchase Price</u>&#148;).&#160; The Dominio ROFR Notice shall constitute an irrevocable offer by the Selling Dominio Shareholder (a &#147;<u>Dominio ROFR Offer</u>&#148;), for a period of thirty (30) days after delivery thereof to Fintech Advisory or Veto Third Party Shareholder Representative (the &#147;<u>Dominio ROFR Election Period</u>&#148;), to sell all, but not less than all, of the Dominio ROFR Shares to the Fintech Parties or the Veto Third Party Shareholder at the Dominio ROFR Purchase Price.&#160; During the Dominio ROFR Election Period, Fintech Advisory or the Veto Third Party Shareholder Representative may inform the Dominio Selling Shareholder of the election by the Fintech Parties or the Third Party Veto Shareholder&#160; to purchase all of the Dominio ROFR Shares at the Dominio ROFR Purchase Price by delivering written notice to such effect (a &#147;<u>Dominio ROFR Acceptance Notice</u>&#148;), prior to the expiration of the ROFR Election Period, to the Selling Shareholder.&#160; Failure to so notify the Selling Shareholder of the election to so accept the Dominio ROFR Offer during the applicable time period shall be deemed a waiver of its purchase rights in connection with such Dominio ROFR Offer.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Fintech Parties or the Veto Third Party Shareholder timely accept the Dominio ROFR Offer and all of the Dominio ROFR Shares are agreed to be purchased by the Fintech Parties or the Veto Third Party Shareholder, the Fintech Parties or the Veto Third Party Shareholder, as applicable, and the Dominio Selling Shareholder shall, within thirty&nbsp;(30) days following the delivery of the Dominio ROFR Acceptance Notice to the Dominio Selling Shareholder, enter into a binding agreement (a &#147;<u>Dominio Sale</u></font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement</font></u>&#148;) for the sale of the Dominio ROFR Shares at the Dominio ROFR Purchase Price to the Fintech Parties or the Veto Third Party Shareholder.&#160; The Dominio Sale Agreement shall contain such terms as are customary between significant shareholders of an issuer; <i>provided</i> that the Dominio Selling Shareholder shall not be required to make any representations or warranties or provide any indemnities regarding the business of Dominio or its Subsidiaries or investments and provided further that the payment obligations of the Dominio ROFR Purchase Price shall not be made subject to obtaining the prior approval of Enacom.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The closing of the sale of the Dominio ROFR Shares under any Dominio Sale Agreement shall take place at the offices of Dominio or such address in Argentina or the United States as Dominio shall indicate not later than ninety (90) days after the Dominio Sale Agreement was executed and delivered to the Dominio Selling Shareholder by the Fintech Parties or the Veto Third Party Shareholder (subject to extension under the circumstances and within the time periods provided in Section&nbsp;4.7), as applicable. At such closing, the Dominio Selling Shareholder shall deliver the certificates representing the Dominio ROFR Shares, with any required documentary or transfer taxes or stamp taxes affixed, to the Fintech Parties or the Veto Third Party Shareholder, as applicable, against payment therefor as provided in the Dominio Sale Agreement, free and clear of any Encumbrance (other than this Agreement) or other encumbrances of whatsoever nature and with an appropriate transfer letter addressed to Dominio.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If (i)&nbsp;the Fintech Parties or the Veto Third Party Shareholder has not exercised the option within the applicable Dominio ROFR Election Period or (ii)&nbsp;the closing of the purchase and sale of all the Dominio ROFR Shares has not occurred by the date scheduled for closing for any reason other than a breach by the Dominio Selling Shareholders of any of its or their covenants, representations or warranties in the Dominio Sale Agreement that are a condition to such closing (the first to occur of the foregoing being hereinafter referred to as the &#147;<u>Dominio Free to Sell Date</u>&#148;), then, in any such event, the Dominio Selling Shareholder shall have the right (within 270 days following the Dominio Free to Sell Date) to sell all, but not less than all, of the Dominio ROFR Shares to the Proposed Dominio Purchaser specified in the Dominio ROFR Notice for the Dominio ROFR Purchase Price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Dominio Selling Shareholder&#146;s right to sell the Dominio ROFR Shares to the Proposed Dominio Purchaser shall expire and all of the provisions of this Section&nbsp;4.2 shall be reinstated in the event that the Proposed Dominio Purchaser has not purchased the Dominio ROFR Shares and complied with the requirements of Section&nbsp;4.2(j)&nbsp;in full within two hundred seventy (270) days following the Dominio Free to Sell Date, unless extended pursuant to Section&nbsp;4.7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Fintech Parties or the Veto Third Party Shareholder accept a Dominio ROFR Offer and then willfully fails to consummate the purchase of the Dominio ROFR Shares in accordance with the provisions of this Section&nbsp;4.2 (a &#147;<u>ROFR Dominio Defaulting Shareholder</u>&#148;), then, in addition to any remedies at law or in equity that the Dominio Selling Shareholder may have in respect of such failure, the ROFR Dominio Defaulting Shareholder shall thereafter cease to have any right to receive Dominio ROFR Offers or to enjoy the benefits of this Section&nbsp;4.2(j)&nbsp;in respect thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If Dominio, any of its Affiliates or any Permitted Holder (each a &#147;<u>CVH Selling Shareholder</u>&#148;), wishes to Transfer, directly or indirectly, any shares of Capital Stock in CVH&#160; to any Person or Persons other than to an Affiliate of Dominio or any Permitted Holder (the &#147;<u>Proposed CVH Purchaser</u>&#148;) and as a result of such Transfer Dominio together with its Affiliates and or one or more Permitted Holders individually or collectively would not&#160;&#160; Control CVH, then CVH shall not permit such Transfer to be consummated unless the CVH Selling Shareholder has first delivered to Fintech Advisory (if no Veto Third Party Shareholder exists) or the Veto Third Party Shareholder Representative, if applicable, a written notice (a &#147;<u>CVH ROFR Notice</u>&#148;) which shall specify (i)&nbsp;the number of shares of Capital Stock of CVH&#160; proposed to be Transferred (the &#147;<u>CVH ROFR Shares</u>&#148;), (ii)&nbsp;the name of the </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed CVH Purchaser and the terms on which such CVH ROFR Shares shall be sold to such Proposed CVH Purchaser, and (iii)&nbsp;the aggregate purchase price (which shall be payable in cash in US dollars or Marketable Securities) which the Proposed CVH Purchaser has agreed to pay for the CVH ROFR Shares (the &#147;<u>CVH ROFR Purchase Price</u>&#148;).&#160; The CVH ROFR Notice shall constitute an irrevocable offer by the Selling CVH Shareholder (a &#147;<u>CVH ROFR Offer</u>&#148;), for a period of thirty (30) days after delivery thereof to Fintech Advisory or&#160; the Veto Third Party Shareholder Representative, as applicable (the &#147;<u>CVH ROFR Election Period</u>&#148;), to sell all, but not less than all, of the CVH ROFR Shares to the Fintech Parties or the Veto Third Party Shareholder at the CVH ROFR Purchase Price.&#160; During the CVH ROFR Election Period, Fintech Advisory or the Veto Third Party Shareholder Representative, as applicable, may inform the CVH Selling Shareholder of the election by the Fintech Parties or the Third Party Veto Shareholder&#160; to purchase all of the CVH ROFR Shares at the CVH ROFR Purchase Price by delivering written notice to such effect (a &#147;<u>CVH ROFR Acceptance Notice</u>&#148;), prior to the expiration of the CVH Election Period, to the CVH Selling Shareholder.&#160; Failure to so notify the CVH Selling Shareholder of the election to so accept the CVH ROFR Offer during the applicable time period shall be deemed a waiver of its purchase rights in connection with such CVH ROFR Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Fintech Parties or the Veto Third Party Shareholder, as applicable, timely accept the CVH ROFR Offer and all of the CVH ROFR Shares are agreed to be purchased by the Fintech Parties or the Veto Third Party Shareholder, the Fintech Parties or the Veto Third Party Shareholder, as applicable, and the CVH Selling Shareholder shall, within thirty&nbsp;(30) days following the delivery of the CVH ROFR Acceptance Notice to the CVH Selling Shareholder, enter into a binding agreement (a &#147;<u>CVH Sale Agreement</u>&#148;) for the sale of the CVH ROFR Shares at the CVH ROFR Purchase Price to the Fintech Parties or the Veto Third Party Shareholder.&#160; The CVH Sale Agreement shall contain such terms as are customary between significant shareholders of an issuer; <i>provided</i> that the CVH Selling Shareholder shall not be required to make any representations or warranties or provide any indemnities regarding the business of CVH or its Subsidiaries or investments and provided further that the payment obligations of the CVH ROFR Purchase Price shall not be made subject to obtaining the prior approval of Enacom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The closing of the sale of the CVH ROFR Shares under any CVH Sale Agreement shall take place at the offices of CVH or such address in Argentina or the United States as CVH shall indicate not later than ninety (90) days after the CVH Sale Agreement was executed and delivered to the CVH Selling Shareholder by the Fintech Parties or the Veto Third Party Shareholder (subject to extension under the circumstances and within the time periods provided in Section&nbsp;4.7), as applicable. At such closing, the CVH Selling Shareholder shall deliver the certificates representing the CVH ROFR Shares, with any required documentary or transfer taxes or stamp taxes affixed, to the Fintech Parties or the Veto Third Party Shareholder, against payment therefor as provided in the CVH Sale Agreement, free and clear of any Encumbrance (other than this Agreement) or other encumbrances of whatsoever nature and with an appropriate transfer letter addressed to CVH.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If (i)&nbsp;none of the Fintech Parties or the Veto Third Party Shareholder has exercised the option within the applicable CVH ROFR Election Period or (ii)&nbsp;the closing of the purchase and sale of all the CVH ROFR Shares has not occurred by the date scheduled for closing for any reason other than a breach by the CVH Selling Shareholders of any of its or their covenants, representations or warranties in the CVH Sale Agreement that are a condition to such closing (the first to occur of the foregoing being hereinafter referred to as the &#147;<u>CVH Free to Sell Date</u>&#148;), then, in any such event, the CVH Selling Shareholder shall have the right (within 270 days following the CVH Free to Sell Date) to sell all, but not less than all, of the CVH ROFR Shares to the Proposed CVH Purchaser specified in the CVH ROFR Notice for the CVH ROFR Purchase Price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The CVH Selling Shareholder&#146;s right to sell the CVH ROFR Shares to the Proposed CVH Purchaser shall expire and all of the provisions of this Section&nbsp;4.2 shall be reinstated in the event that the </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed CVH Purchaser has not purchased the CVH ROFR Shares and complied with the requirements of Section&nbsp;4.2(k)&nbsp;in full within two hundred seventy (270) days following the CVH Free to Sell Date, unless extended pursuant to Section&nbsp;4.7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Fintech Parties or the Veto Third Party Shareholder accept a CVH ROFR Offer and then willfully fails to consummate the purchase of the CVH ROFR Shares in accordance with the provisions of this Section&nbsp;4.2 (a &#147;<u>CVH ROFR Defaulting Shareholder</u>&#148;), then, in addition to any remedies at law or in equity that the CVH Selling Shareholder may have in respect of such failure, the CVH ROFR Defaulting Shareholder shall thereafter cease to have any right to receive CVH ROFR Offers or to enjoy the benefits of this Section&nbsp;4.2(k)&nbsp;in respect thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If Fintech Advisory, or any of its Affiliates (each a &#147;<u>Fintech Selling Shareholder</u>&#148;), wishes to Transfer, directly or indirectly, in one or a series of related transactions, any of its shares of Capital Stock in FT or FIA (the company that is proposed to be sold the &#147;<u>Fintech Sold Company</u>&#148;)&#160; to any Person or Persons other than to an Affiliate of Fintech Advisory (the &#147;<u>Proposed Fintech Purchaser</u>&#148;) and following such Transfer Fintech Advisory, together with its Affiliates, would not hold more than 50% of the equity interests of the Fintech Sold Company and control the Fintech Sold Company, then the Fintech Selling Shareholder shall first deliver to CVH a written notice (a &#147;<u>Fintech ROFR Notice</u>&#148;) which shall specify (i)&nbsp;the number of shares of the Fintech Sold Company proposed to be Transferred (the &#147;<u>Fintech ROFR Shares</u>&#148;), (ii)&nbsp;the name of the Proposed Fintech Purchaser and the terms on which such Fintech ROFR Shares shall be sold to such Proposed Fintech Purchaser, and (iii)&nbsp;the aggregate purchase price (which shall be payable in cash in US dollars or Marketable Securities) which the Proposed Fintech Purchaser has agreed to pay for the Fintech ROFR Shares (the &#147;<u>Fintech ROFR Purchase Price</u>&#148;).&#160; The Fintech ROFR Notice shall constitute an irrevocable offer by the Fintech Selling Shareholder (a &#147;<u>Fintech ROFR Offer</u>&#148;), for a period of thirty (30) days after delivery thereof to CVH (the &#147;<u>Fintech ROFR Election Period</u>&#148;), to sell all, but not less than all, of the Fintech ROFR Shares to CVH at the Fintech ROFR Purchase Price.&#160; During the Fintech ROFR Election Period, CVH may inform the Fintech Selling Shareholder of the election by CVH to purchase all of the Fintech ROFR Shares at the Fintech ROFR Purchase Price by delivering written notice to such effect (a &#147;<u>Fintech ROFR Acceptance Notice</u>&#148;), prior to the expiration of the Fintech Election Period, to the Fintech Selling Shareholder.&#160; Failure to so notify the Fintech Selling Shareholder of the election to so accept the Fintech ROFR Offer during the applicable time period shall be deemed a waiver of its purchase rights in connection with such Fintech ROFR Offer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If CVH timely accepts the Fintech ROFR Offer and all of the Fintech ROFR Shares are agreed to be purchased by CVH, CVH and the Fintech Selling Shareholder shall, within thirty&nbsp;(30) days following the delivery of the Fintech ROFR Acceptance Notice to the Fintech Selling Shareholder, enter into a binding agreement (a &#147;<u>Fintech Sale Agreement</u>&#148;) for the sale of the Fintech ROFR Shares at the Fintech ROFR Purchase Price to CVH.&#160; The Fintech Sale Agreement shall contain such terms as are customary between significant shareholders of an issuer; <i>provided</i> that the Fintech Selling Shareholder shall not be required to make any representations or warranties or provide any indemnities regarding the business of the Fintech Sold Company, or its Subsidiaries or investments and provided further that the payment obligations of the Fintech ROFR Purchase Price shall not be made subject to obtaining the prior approval of Enacom.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The closing of the sale of the Fintech ROFR Shares under any Fintech Sale Agreement shall take place at the offices of Fintech Advisory or such address in Argentina or the United States as the Selling Fintech Shareholder shall indicate not later than ninety (90) days after the Fintech Sale Agreement was executed and delivered to the Fintech Selling Shareholder by CVH (subject to extension under the circumstances and within the time periods provided in Section&nbsp;4.7). At such closing, the Fintech Selling Shareholder shall deliver the certificates representing the Fintech ROFR Shares, with any required documentary or transfer taxes or stamp taxes affixed, to CVH, against payment therefor as provided in the </font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">38<a name="PB_38_125157_9111"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Sale Agreement, free and clear of any Encumbrance (other than this Agreement) or other encumbrances of whatsoever nature and with an appropriate transfer letter addressed to Fintech Advisory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If (i)&nbsp;CVH has not exercised the option within the applicable Fintech ROFR Election Period or (ii)&nbsp;the closing of the purchase and sale of all the Fintech ROFR Shares has not occurred by the date scheduled for closing for any reason other than a breach by the Fintech Selling Shareholder of any of its covenants, representations or warranties in the Fintech Sale Agreement that are a condition to such closing (the first to occur of the foregoing being hereinafter referred to as the &#147;<u>Fintech Free to Sell Date</u>&#148;), then, in any such event, the Fintech Selling Shareholder shall have the right (within 270 days following the Fintech Free to Sell Date) to sell all, but not less than all, of the Fintech ROFR Shares to the Proposed Fintech Purchaser specified in the Fintech ROFR Notice for the Fintech ROFR Purchase Price.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fintech Selling Shareholder&#146;s right to sell the Fintech ROFR Shares to the Proposed Fintech Purchaser shall expire and all of the provisions of this Section&nbsp;4.2 shall be reinstated in the event that the Proposed Fintech Purchaser has not purchased the CVH ROFR Shares and complied with the requirements of Section&nbsp;4.2(k)&nbsp;in full within two hundred seventy (270) days following the CVH Free to Sell Date, unless extended pursuant to Section&nbsp;4.7.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If CVH accepts a Fintech ROFR Offer and then willfully fails to consummate the purchase of the Fintech ROFR Shares in accordance with the provisions of this Section&nbsp;4.2 (a &#147;<u>Fintech ROFR Defaulting Shareholder</u>&#148;), then, in addition to any remedies at law or in equity that the Fintech Selling Shareholder may have in respect of such failure, the Fintech ROFR Defaulting Shareholder shall thereafter cease to have any right to receive Fintech ROFR Offers or to enjoy the benefits of this Section&nbsp;4.2(l)&nbsp;in respect thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.3.&nbsp;&nbsp;<u>Tag Along Rights</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Shareholder party to this Agreement wishes to Transfer all or substantially all Company Shares held directly or indirectly by it in one or a series of related transactions and such Shareholder has complied with the obligations under Section&nbsp;4.2 and is entitled to sell the ROFR Shares to the Proposed Purchaser named in the ROFR Notice or to a Shareholder exercising its rights under Section&nbsp;4.2 hereof (the &#147;<u>Buyer</u>&#148;) then, for a period of fifteen (15) Business Days after the date (the &#147;<u>Execution Date</u>&#148;) the Selling Shareholder and the Buyer enter into a binding agreement (a &#147;<u>Tag Along Sale Agreement</u>&#148;) for the purchase and sale of the ROFR Shares (the &#147;<u>Tag Along Election Period</u>&#148;), each Offeree Shareholder (the &#147;<u>Tag Along Shareholder</u>&#148;) shall have the right (the &#147;<u>Tag Along Right</u>&#148;), but not the obligation, to sell to the Buyer up to all of its Company Shares determined in accordance with the following two sentences. In the event that the Buyer is willing to purchase all of the Company Shares that such Tag Along Shareholder elects to sell pursuant to the Tag-Along Right, all such Company Shares shall be sold to the Buyer.&#160; If the Buyer is not willing to purchase all of the Company Shares that such Tag Along Shareholder elects to sell pursuant to the Tag-Along Right, then each Tag Along Shareholder and each Selling Shareholder, shall have the right to sell to such Buyer a number of shares of Company Shares (the &#147;<u>Tag-Along Share Number</u>&#148;) equal to the number of Company Shares that the Buyer wishes to purchase, multiplied by a fraction, the numerator of which is the number of shares held by each Selling Shareholder or each Tag Along Shareholder (as applicable) and the denominator of which is the total number of shares of Company Shares held by the Selling Shareholder and all Tag Along Shareholders (in each case as of the date of the Tag Right Notice referred to below); <i>provided</i> that if the Buyer is willing to increase the number of Company Shares it is willing to purchase from that number specified in the ROFR Notice (but is not willing to purchase all of the Company Shares the Tag Along Shareholders and the Selling Shareholder wish to sell), such Shareholders shall have the right to include in such Tag-Along Sale a <i>pro rata</i> amount of their respective Company Shares to account for such increase.&#160; The Selling Shareholder shall notify each Tag Along Shareholder, in writing (a &#147;<u>Tag Right Notice</u>&#148;), of the Execution </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date not less than two (2)&nbsp;Business Days prior to such date.&#160; The Tag Right Notice shall also specify the following: (i)&nbsp;the identity and mailing address of the Buyer, (ii)&nbsp;the per-share purchase price and form of consideration to be paid by the Buyer for the ROFR Shares, (iii)&nbsp;the Tag Along Share Number (showing the calculation thereof in reasonable detail), (iv)&nbsp;any other material terms and conditions of the sale of the ROFR Shares (including any indemnification or other post-closing obligations to the Selling Shareholder) and (v)&nbsp;that the Buyer has provided the undertaking referred to in the next following sentence.&#160; Any Tag Along Sale Agreement shall include an irrevocable undertaking by the Buyer to purchase Company Shares from the Tag Along Shareholders (x)&nbsp;in an amount equal to the Tag Along Share Number and (y)&nbsp;on the same terms and conditions as those on which the Buyer has agreed to purchase the ROFR Shares of the Selling Shareholder, and the Tag Along Shareholders shall be named as express beneficiaries of that undertaking in the Tag Along Sale Agreement.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the Tag Along Election Period, the Tag Along Shareholders may elect to sell a number of Company Shares held directly or indirectly by them which is equal to or less than the Tag Along Share Number to the Buyer by delivering to the Selling Shareholder and the Buyer written notice to such effect (a &#147;<u>Tag Right Acceptance Notice</u>&#148;) prior to the expiration of the Tag Along Election Period.&#160; Failure by a Tag Along Shareholder to so notify the Selling Shareholder and the Buyer within the Tag Along Election Period shall be deemed a waiver by such Tag Along Shareholders of the Tag Along Right in connection with the sale by the Selling Shareholder of the ROFR Shares to the Buyer pursuant to the Tag Along Sale Agreement signed by them on the Execution Date, but shall not impair or prejudice any rights of such Tag Along Shareholder under this Section&nbsp;4.3 in the event that the provisions hereof again become applicable to a Transfer by the Selling Shareholder of any of the Company Shares referred to in the Tag Right Notice.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Tag Along Right is timely exercised, the Selling Shareholder shall cause the Buyer to, within fifteen&nbsp;(15) Business Days after the Execution Date, enter into a binding agreement (a &#147;<u>Participating Tag Along Sale Agreement</u>&#148;) with each of the participating Tag Along Shareholders (the &#147;<u>Participating Tag Along Members</u>&#148;) for the purchase from such members of Company Shares held by them in a total amount equal to or less than (at the election of the Participating Tag Along Members) the Tag Along Share Number, in each case at the same price per share and on substantially the same terms and conditions as those offered by the Buyer to the Selling Shareholder (including the form of consideration to be paid to the Selling Shareholder by the Buyer).&#160; Each Participating Tag Along Member shall enter into the Participating Tag Along Sale Agreement within said fifteen&nbsp;(15) Business Day period with the Buyer and, upon compliance with the terms and conditions hereof and thereof, each Participating Tag Along Member shall sell to such Buyer the number of Company Shares it has agreed to sell to the Buyer as set forth in the Participating Tag Along Sale Agreement, free and clear of all Encumbrances (other than this Agreement), at the price and on the terms determined in accordance with the immediately preceding sentence.&#160; The closings of the purchase by the Buyer of the ROFR Shares and of the Company Shares to be sold by the Participating Tag Along Members shall occur simultaneously and shall be conditioned upon each other. For the avoidance of doubt, this Section&nbsp;4.3 shall not apply to or in connection with any sale of Dominio shares subject to the provisions of Section&nbsp;4.2(j), or to or in connection with any sale of CVH shares subject to the provisions of Section&nbsp;4.2(k)&nbsp;or to or in connection with any sale of shares of FT or FIA subject to the provisions of Section&nbsp;4.2(l).</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.4.&nbsp;&nbsp;<u>Restrictions on Encumbrances on Shares.</u>&#160; Except as expressly permitted by this Agreement, the Call Option Agreement, or the Pledge Agreement, no Shareholder shall Encumber its Company Shares or any other direct or indirect interest that such Shareholder may have in the Company unless any Transfer that may result from the execution of such Encumbrance shall be expressly subject to the provisions of this Article&nbsp;IV.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.5.&nbsp;&nbsp;RESERVED.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.6.&nbsp;&nbsp;<u>Determination of Fair Market Value</u>.&#160; Whenever the Fair Market Value of any assets or property (including securities) is to be determined, each of CVH on the one hand (for so long as the CVH Parties hold the Minimum Shareholders Amount), and Fintech Advisory on the other (for so long as Fintech Advisory owns the Minimum Shareholders Amount), shall select an Independent Investment Banking Firm to determine such Fair Market Value within the selection period provided in the applicable Section&nbsp;of this Agreement which contemplates the determination of Fair Market Value; <i>provided</i> that if either CVH or Fintech Advisory shall fail to select an Independent Investment Banking Firm within the required period, then the determination of such Fair Market Value shall be made by the Independent Investment Banking Firm selected by the other Shareholder notwithstanding the other provisions of this Section&nbsp;4.6, which determination shall be final and binding on the parties to this Agreement.&#160; The two Independent Investment Banking Firms shall each deliver a written report within thirty (30) days after the date of its engagement to each of Fintech Advisory and CVH setting forth its good faith determination of the Fair Market Value of the assets of property, as the case may be, for which Fair Market Value is to be determined.&#160; If the higher determination of such two Independent Investment Banking Firms is not greater than one hundred and ten percent (110%) of the lower determination, then such Fair Market Value shall be the average of the two determinations.&#160; If the higher determination is greater than one hundred and ten percent (110%) of the lower determination, then the two Independent Investment Banking Firms shall jointly select, within five (5)&nbsp;days after the date on which the later of such two written reports was delivered, a third internationally recognized investment banking firm that is not an Affiliate of any Shareholder and which has not received remuneration in excess of U.S.$1 million (exclusive of fees, commissions and discounts received by such firm as part of an underwriting syndicate in which such firm was not the lead or co-lead manager) from any Shareholder (or any Affiliate of any Shareholder) within the twelve (12) months preceding such selection, and shall make available to such third firm their work product relating to their determination of Fair Market Value.&#160; Such jointly selected investment banking firms shall, within fifteen (15) days after its selection, deliver a written report to each of Fintech Advisory and CVH and the Company setting forth its good faith determination of the Fair Market Value of the Company, Company Shares or other assets or property, as the case may be.&#160; Such jointly selected investment banking firm shall be permitted only to determine which of the two determinations of Fair Market Value made by the first two investment banks is most reasonable, and such determination shall be final and binding and the Fair Market Value so found to be most reasonable shall be the Fair Market Value of the assets or property being appraised pursuant to this Section&nbsp;4.6.&#160; Each of Fintech Advisory, CVH and the Company shall cooperate fully in assisting such investment banking firms in making the determinations required hereby and each valuation shall be made as of the last day of the most recent fiscal quarter of the Company for which financial statements are available immediately prior to the time the first Independent Investment Banking Firm is engaged.&#160; One-half of the fees and expenses of the investment banking firms shall be borne by Fintech Advisory and the other half shall be borne by CVH.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.7.&nbsp;&nbsp;<u>Extension of Time Periods for Governmental Approvals</u>.&#160; The time periods to consummate a purchase by any third party of any Company Shares or Dominio Shares pursuant to Section&nbsp;4.2 and 4.3 shall be extended, if necessary, to the tenth (10th) Business Day following the receipt of all material governmental, regulatory and other third party consents, authorization, approvals or waivers that may be required in connection with the purchase and sale of any Company Shares pursuant to any of such Sections (including any consent, authorization, approval or Waiver from Enacom, the <i>Comisi&#243;n Nacional de Comunicaciones</i>, the <i>Secretar&#237;a de Comunicaciones</i>, the <i>Inspecci&#243;n General de Justicia</i> and the <i>Comisi&#243;n Nacional de Defensa de la Competencia</i>) (other than any such consent, authorization, approval or waiver the receipt of which has been waived by the third party purchaser of such Company Shares) (collectively, &#147;<u>Material Approvals</u>&#148;); <i>provided</i>, <i>however</i>, in the event that the Material Approvals have not been obtained within one (1)&nbsp;year following the execution of the Sale Agreement or the Participating Tag Along Sale Agreement, as the case may be, the Selling Shareholder or the Tag Along Shareholder, as applicable, shall not be obligated to proceed with the closing of the </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">purchase and sale of its Company Shares pursuant to Section&nbsp;4.2 or 4.3, as applicable, unless each Offeree Shareholder or the buyer, as applicable, provides a guarantee of its obligations to purchase the Company Shares on substantially similar terms (<i>mutatis mutandis</i>) as the guarantee provided in the Amended and Restated Stock Purchase Agreement, dated October&nbsp;24, 2014, by and between FT, Telecom Italia S.p.A. and Telecom Italia International N.V. (the &#147;<u>2014 SPA</u>&#148;).</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.8.&nbsp;&nbsp;<u>Drag Along Rights</u>. (a)&nbsp;Commencing on the Drag Along Effective Date, in the event that any Shareholder that satisfies the Minimum Shareholders Amount requirement wishes to Transfer, directly or indirectly, all but not less than all of its Company Shares (the &#147;<u>Dragging Shares</u>&#148;) to any Person or Persons, together with the Company Shares of the other Parties of this Agreement (any such Shareholder, a &#147;<u>Dragging Shareholder</u>&#148;), then the Dragging Shareholder shall send a written notice (the &#147;<u>Drag Notice</u>&#148;) to the other Shareholders (the &#147;<u>Dragged Shareholders</u>&#148;) requesting that the Dragged Shareholders sell such number of Company Shares held by the Dragged Shareholders (ratably to their Agreement Ownership Percentage) that, together with the Dragging Shares, constitute at least fifty-one percent (51%) of the outstanding Capital Stock of the Company (the &#147;<u>Dragged Shares</u>&#148;).&#160; Upon receipt of the Drag Notice, the Dragged Shareholders shall be obligated to sell the Dragged Shares subject to and in accordance with the terms of this Section&nbsp;4.8 and shall have the right to sell certain of the remaining Company Shares held by such Dragged Shareholders pursuant to and in accordance with the terms of Section&nbsp;4.3.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the 30 days immediately following receipt of the Drag Notice (the &#147;<u>Negotiation Period</u>&#148;), the Dragging Shareholder and the Principal Dragged Shareholder shall negotiate in good faith the sale to the Principal Dragged Shareholder of all the Company Shares held by the Dragging Shareholder. During the Negotiation Period the Principal Dragged Shareholder shall be obligated to deliver to the Dragging Shareholder at least one non-binding offer (the &#147;<u>Non-Binding Offer</u>&#148;) to acquire all such Company Shares and shall state a purchase price per Company Share which shall be expressed in United States Dollars and payable in a single installment in cash and any other material term for such purchase;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Dragging Shareholder and the Principal Dragged Shareholder do not reach an agreement prior to the expiration of the Negotiation Period, each of the Principal Dragged Shareholder and the Dragging Shareholder shall be entitled to deliver to each other, within the 15 days immediately following the expiration of the Negotiation Period (the &#147;<u>Pricing Notice Period</u>&#148;) a notice in writing (the &#147;<u>Pricing Notice</u>&#148;) stating, (A)&nbsp;in case of the Pricing Notice delivered by the Dragging Shareholder, a purchase price per Company Share, which shall be expressed in United States Dollars and payable in one single installment in cash, at which the Dragging Shareholder is willing to drag the Dragged Shares (the &#147;<u>Dragging Price</u>&#148;); and (B)&nbsp;in case of the Pricing Notice delivered by the Principal Dragged Shareholder, a binding and irrevocable offer (the &#147;<u>Binding Offer</u>&#148;) stating the purchase price per Company Share, which shall be expressed in United States Dollars and payable in one single installment in cash, at which the Principal Dragged Shareholder is willing to purchase all of the Company Shares of the Dragging Shareholder and of each other Dragged Shareholder (the &#147;<u>Blocking Price</u>&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If (i)&nbsp;the Principal Dragged Shareholder fails to deliver the Pricing Notice in due time or (ii)&nbsp;the Dragging Price is greater than or equal to the product of the Blocking Price multiplied by 1.05 (the &#147;<u>Minimum Price Differential</u>&#148;), the Dragging Shareholder shall have the right to cause the Dragged Shareholders to sell all of the Dragged Shares (together with all of the Company Shares sold by the Dragging Shareholder) to any Person or Persons in accordance with the terms described below. If the (x)&nbsp;Blocking Price is greater than the Dragging Price or (y)&nbsp;the Dragging Price is less than the product of the Blocking Price multiplied by 1.05, then the Dragging Shareholder shall not be entitled to exercise its Dragging Rights in respect of such sale of the Dragged Shares and the Principal Dragged Shareholder shall be obligated to purchase all of the Company Shares held by the Dragging Shareholder and each</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other Dragged Shareholder that provides prompt notice to the Principal Dragged Shareholder of its election to sell its Company Shares, together with the shares of the Dragging Shareholder, at the Blocking Price, in the case of (x)&nbsp;above, or at the Dragging Price, in the case of (y)&nbsp;above. Failure by the Principal Dragged Shareholder to deliver:&#160; (i)&nbsp;the Binding Offer within the Negotiation Period, or (ii)&nbsp;a Pricing Notice within the Pricing Notice Period shall be deemed a waiver of their respective rights in connection with such Drag Notice and their acceptance of the Drag Along Rights exercised by the Dragging Shareholder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that the Binding Offer is accepted by the Dragging Shareholder, the closing of the sale of its Company Shares and the Company Shares of each other Dragged Shareholder that elects to sell its Company Shares in accordance with clause (d)&nbsp;above under any Sale Agreement shall take place at the offices of the Company (or at such other place as may be mutually acceptable to the parties thereto) not later than the thirtieth (30<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>) day after the Sale Agreement was executed and delivered to the Dragging Shareholder by the Principal Dragged Shareholder (subject to the extension under the circumstances and within the time periods provided in this Agreement).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If (i)&nbsp;the Principal Dragged Shareholder has not delivered a Binding Offer during the Pricing Notice Period, or (ii)&nbsp;if the Binding Offer has been accepted by the Dragging Shareholder and either (x)&nbsp;the Sale Agreement has not been executed by the Principal Dragged Shareholder and tendered to the Dragging Shareholder for execution within the period provided in this Section, or (y)&nbsp;the closing of the sale of the Company Shares of the Dragging Shareholders and each Dragged Shareholder that elects to sell its Company Shares in accordance with clause (d)&nbsp;above to the Dragged Shareholder pursuant to a Sale Agreement has not occurred by the date scheduled for closing for any reason other than a breach by the Dragging Shareholder of any of its covenants, representations or warranties in the Sale Agreement that are a condition to such closing or (iii)&nbsp;the Dragging Price is greater than or equal to the Blocking Price multiplied by 1.05; or (iv)&nbsp;the Dragged Shareholder fails to deliver a Pricing Notice by the end of the Pricing Notice Period, (the first to occur of the foregoing being hereinafter referred to as the &#147;<u>Drag Date</u>&#148;), then, in any such event, the Dragging Shareholder shall have the right to sell all its Company Shares together with the Dragged Shares (as defined below) to any Person or Persons in accordance with the terms described below.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Dragging Shareholder shall have the right to enter into a Sale Agreement with any Person or Person (the &#147;<u>Third Party Buyer</u>&#148;) in respect of the Dragging Shares and the Dragged Shares within 270 days following the Drag Date and each Dragged Shareholder shall be obligated to be a party to such Sale Agreement and sell all of its Dragged Shares in accordance with the same terms and conditions upon which the Dragging Shareholder is selling its Dragging Shares in such Sale Agreement, provided that the purchase price under such Sale Agreement shall not be lower than the Dragging Price.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Dragged Shares are less than all the Company Shares held by the Dragged Shareholder, the Dragged Shareholder (i)&nbsp;shall be entitled to require that the Dragging Shareholder or the Third Party Buyer acquire all of its Company Shares at a purchase price that shall not be lower than the Dragging Price or (ii)&nbsp;shall remain a party to this Agreement and shall accept the Third Party Buyer as its counterparty under this Agreement in accordance with its terms, provided that this Section&nbsp;4.8 shall no longer be applicable after the Third Party Buyer becomes a Shareholder.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Dragging Shareholder&#146;s right to cause the sale of the Dragged Shares to a Third Party Buyer pursuant to this Section&nbsp;shall expire and all of the provisions of this Section&nbsp;shall be reinstated in the event that the Third Party Buyer has not purchased the Dragged Shares and complied with the requirements of Section&nbsp;4.2 in full within two hundred seventy (270) days following the Drag Date (the &#147;<u>Drag Deadline</u>&#148;).&#160; In the event that the Third Party Buyer and the Dragging Shareholder enter into a Sale Agreement prior to the Drag Deadline, the Drag Deadline shall be automatically extended until such time </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as the regulatory approvals required in connection with such sale have been obtained; provided that, in the event the required regulatory approvals have not obtained within one (1)&nbsp;year following the execution of the Sale Agreement, the Third Party Buyer shall provide a guarantee of its obligations under the Sale Agreement on substantially similar terms (<i>mutatis mutandis</i>) as the guarantee provided in the 2014 SPA. If the Principal Dragged Shareholder is obligated to purchase the Dragging Shareholder&#146;s Company Shares under this Section&nbsp;4.08, such purchase shall be consummated upon the receipt of the regulatory approvals required for such transaction; provided that, in the event that the required regulatory approvals have not obtained within one (1)&nbsp;year following the date the Dragged Shareholder&#146;s obligation to purchase such Company Shares arose, the Principal Dragged Shareholder shall provide a guarantee of its obligations to purchase the Company Shares of the Dragging Holder on substantially similar terms (<i>mutatis mutandis</i>) as the guarantee provided in the 2014 SPA.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Principal Dragged Shareholder fails to consummate the purchase of all of the Company Shares of the Dragging Shareholder in accordance with the provisions of this Section&nbsp;4.8 (a &#147;<u>Defaulting Shareholder</u>&#148;), then, in addition to any remedies at law or in equity that the Dragging Shareholder may have in respect of such failure, the Defaulting Shareholder shall thereafter cease to have any right to send Binding Offers or Pricing Notices.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All the Parties shall cooperate in good faith with the Dragging Shareholder in connection with the consummation of the Transfer of all of the Company Shares pursuant to the Drag Notice (the &#147;<u>Drag Transaction</u>&#148;).&#160; Each Party shall take all actions reasonably necessary and desirable in connection with the consummation of the Drag Transaction, including the voting or causing the voting of any shares to approve the Drag Transaction, the execution of such agreements and instruments and other actions necessary to provide the representations, warranties, indemnities, covenants, conditions, escrow agreement and other provisions and agreements relating thereto.&#160; Notwithstanding the foregoing, the Parties other than the Dragging Shareholder shall only be required to grant limited representations in connection with the Drag Transaction, consisting of (i)&nbsp;organization, (ii)&nbsp;title to the Shares and transfer to the Third Party(ies) Buyer free and clear of any Liens, (ii)&nbsp;authority to transfer its Shares to the Third-Party Buyer, and (iii)&nbsp;the non-violation by such Transfer of any Applicable Law or contractual restriction, in each case binding upon such Party), as well as any additional warranties and covenants relating to its ownership of the Relevant Company Shares to the Third-Party Buyer that are reasonably customary for transactions of this kind. Each Party shall make all required filings and applications to the Enacom, Antitrust Authority and any other competent Governmental Entity and cooperate in the obtainment of any required Authorization.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the closing of the Drag Transaction, each Shareholder shall deliver at such closing, against payment of the purchase price therefore in cash, certificates or other instruments representing or evidencing the relevant Company Shares to be sold, duly endorsed for transfer, and evidence of good title to the Company Shares to be sold and the absence of Liens with respect thereto and such other reasonable matters as are deemed necessary for the proper Transfer of such Company Shares for the benefit of the Third Party Buyer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>In the event of the exercise of the Drag Along Right under this Section, the Right of First Refusal and the Tag Along Right of the other Parties, as set forth in Sections 4.2 and 4.3, respectively, shall not apply; provided, however, that in the event that the Third Party Buyer desires to purchase more than fifty-one percent (51%) of the outstanding Capital Stock of the Company, then the Dragged Shareholders shall be entitled to sell collectively, on a pro rata basis, to the Third Party Buyer a number of Company Shares equal to (x)&nbsp;the number of Company Shares desired by the Third Party Buyer <u>minus</u> (y)&nbsp;fifty-one percent (51%) of the outstanding Capital Stock of the Company (the &#147;<u>Incremental Dragged Shares</u>&#148;); provided further that under no circumstances shall the sale the Dragged Shares or the Incremental Dragged Shares reduce the number of Company Shares to be sold by the Dragging </p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">44<a name="PB_44_123413_7056"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shareholder in the Drag Transaction.&#160; This Agreement shall immediately and fully terminate upon the consummation of the sale of all the Company Shares to the Third Party Buyer pursuant to the Drag Transaction, unless the Dragged Shares are less than all of the Company Shares held by the Dragged Shareholders, in which case this Agreement shall continue to be in effect between the Dragged Shareholder and the Third Party Buyer and the provisions of Section&nbsp;4.8 shall no longer be effective.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In case of failure by the Dragged Shareholders to Transfer their Company Shares pursuant to this Section&nbsp;upon exercise of the Drag Along Right by the Dragging Shareholder, the Dragging Shareholder shall be free to Transfer its Company Shares to the Third Party(ies) Buyer without any restriction, without prejudice to the liability of the other Parties vis-&#224;-vis the Dragging Shareholder for breach of the provisions hereunder and any other remedy available to the Dragging Shareholder under the Law, the By-laws or this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For the avoidance of doubt, this Section&nbsp;4.8 shall not apply to or in connection with any sale of Dominio shares subject to the provisions of Section&nbsp;4.2(j), or to or in connection with any sale of CVH shares subject to the provisions of Section&nbsp;4.2(k)&nbsp;or to or in connection with any sale of shares of FT or FIA subject to the provisions of Section&nbsp;4.2(l).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;V</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDERWRITTEN OFFERS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.1.&nbsp;&nbsp;<u>Underwritten Offerings</u>.&#160; Subject to Sections 5.2(c)&nbsp;and 5.4 below, at any time and from time to time, any Shareholder owning directly or indirectly at least the Minimum Shareholders Amount or the Veto Third Party Shareholder that intends to dispose of Class&nbsp;B Stock representing at least five percent&nbsp;(5.0%) of the Company&#146;s total capital at the time of such request in an underwritten offering that would result in cash proceeds for such Shareholder of at least US$100 million shall have the right to require the Company to assist such Shareholder in connection with such offering.&#160; All requests pursuant this Section&nbsp;5.1 are referred to herein as &#147;<u>Underwritten Offering Requests</u>&#148; and the offerings contemplated in such requests are referred to herein as &#147;<u>Underwritten Offerings</u>&#148;.&#160; As promptly as practicable, but no later than seven business days after receipt of an Underwritten Offering Request, the Company shall give written notice (the &#147;<u>Underwritten Offering Request Notice</u>&#148;) of such Underwritten Offering Request to all Shareholders at such time owning, directly or indirectly, at least the Minimum Shareholders Amount.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.2.&nbsp;&nbsp;<u>Undertakings of the Company</u>.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall include in any documentation required to be prepared by the Company in connection with any Underwritten Offering Request, including any regulatory filing, (i)&nbsp;the number of Class&nbsp;B Stock of the Company requested to be included in the Underwritten Offering by the Shareholders who have made the Underwritten Offering Request and (ii)&nbsp;the Class&nbsp;B Stock of the Company of any other Shareholders who shall have made a written request to the Company for inclusion in such Underwritten Offering (which request shall specify the maximum number of Class&nbsp;B Stock intended to be disposed of by such Shareholder) within 20 days after receipt of the Underwritten Offering Request Notice.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall, as expeditiously as possible following a Underwritten Offering Request use its reasonable best efforts to (i)&nbsp;effect such filings under the Argentine and United States securities laws relating to the Capital Stock of the Company which the Company has been so requested to include in </p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Underwritten Offering, for distribution in accordance with the intended method of disposition specified in the Underwritten Offering Request and (ii)&nbsp;if requested by the Shareholders of Capital Stock of the Company who have made the Underwritten Offering Request, obtain authorization in Argentina and the United States, as applicable, to effect the Underwritten Offering.&#160; In connection with the Company&#146;s obligations under Sections 5.1 hereof, the Company will use its reasonable best efforts to permit the sale of such Company Shares by the Shareholders in accordance with the intended method or methods of distribution thereof under applicable law, as expeditiously as reasonably practicable, and in connection therewith the Company will:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(A)&nbsp;prepare the applicable required registration and/or listing documents including all exhibits and financial statements required under applicable law to be filed therewith (such documents, collectively &#147;<u>Filing Documents</u>&#148;), and such Filing Documents shall comply as to form with the requirements of the applicable form and include all financial statements required by the CNV, the BCBA or any other governmental authority, to be filed therewith and all information reasonably requested by the lead managing underwriter or sole underwriter, if applicable, to be included therein, (B)&nbsp;use its reasonable best efforts to not take any action that would cause the Filing Documents, taken as a whole, to contain a material misstatement or omission necessary to be included therein to make the statements, in light of the circumstances under which they were made, not misleading, and (C)&nbsp;cause the Filing Documents and any amendment or supplement thereto to comply in all material respects with any requirements of the Argentine and United States securities laws, as applicable.&#160; Before filing or publishing the Filing Documents, or any amendments or supplements thereto, furnish to the underwriters, if any, and to the Shareholders that made the Underwritten Offering Request covered by such Filing Documents, copies of all documents filed with an applicable regulatory authority in conformity with the requirements of any applicable law; provided that the Company will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>furnish to the Shareholders that made the Underwritten Offering Request and the managing underwriter or underwriters, if any, without charge, as many copies of the relevant Filing Documents, any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the sale of the Capital Stock in the manner contemplated in the Filing Document;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>notify the Shareholders that made the Underwritten Offering Request and the managing underwriter or underwriters, if any, as soon as reasonably practicable after notice thereof is received by the Company (i)&nbsp;once the Filing Documents or any amendment thereto have been filed or becomes effective or authorized for use in connection with the Underwritten Offering, (ii)&nbsp;of any written comments by the CNV, the BCBA or any other governmental authority any request by the CNV, the BCBA or any other governmental authority for amendments or supplements to such Filing Documents or for additional information, (iii)&nbsp;of the issuance by the CNV, the BCBA or any other governmental authority of any stop order suspending the effectiveness of such Filing Documents or any order preventing or suspending the use of any Filing Documents or the initiation or threatening of any proceedings for such purposes, (iv)&nbsp;if, at any time, any of the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in any material respect and (v)&nbsp;of the receipt by the Company of any notification with respect to the suspension of the qualification of the Capital Stock for offering or sale in any jurisdiction contemplated in the Filing Documents or the initiation or threatening of any proceeding for such purpose;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>use its reasonable best efforts to prevent or obtain the withdrawal of any stop order or other order suspending the use of any Filing Document;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>use its reasonable best efforts to cause the Capital Stock covered by the applicable Filing Documents to be approved by such governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Capital Stock;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>obtain for delivery to the underwriter or underwriters in the Underwritten Offering an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form, scope and substance, which counsel and opinions shall be reasonably satisfactory to such underwriters;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>obtain for delivery to the Company and the managing underwriter or underwriters, a comfort letter from the Company&#146;s independent certified public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request in connection with the Underwritten Offering, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>cooperate with each seller of Capital Stock and each underwriter participating in the disposition of such Capital Stock and their respective counsel in connection with any filings required to be made with the CNV, the BCBA and any other governmental authority;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the majority of the Shareholders participating in the Underwritten Offering, by any underwriter participating in any disposition to be effected pursuant to such Filing Documents and by any attorney, accountant or other agent retained by such Shareholders or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company&#146;s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Filing Documents as shall be necessary to enable them to exercise their due diligence responsibility pursuant to the requirements of applicable law; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>within a reasonable time prior to the filing of any Filing Document, provide copies of such document to the Shareholders participating in the Underwritten Offering and to counsel to such Shareholders and to the underwriter or underwriters of the Underwritten Offering, and fairly consider such reasonable changes in any such document prior to the filing thereof as such the counsel may timely request.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The rights granted under Section&nbsp;5.1 are subject to the following limitations: (i)&nbsp;the Company shall not be required to cause more than one filing or request authorization for an Underwritten Offering within any period of 180 consecutive days; (ii)&nbsp;if the Board, in its good faith judgment, determines that any Underwritten Offering of Capital Stock of the Company should not be made or continued because it would materially interfere with any material financing, acquisition, corporate reorganization or merger or other transaction involving the Company or its Subsidiaries (a &#147;<u>Valid Business Reason</u>&#148;), (A)&nbsp;the Company may postpone any filing, request for authorization or other procedures relating to an Underwritten Offering Request until such Valid Business Reason no longer exists, but in no event for more than 90 days, and (B)&nbsp;in case a filing or request for authorization has been made relating to an Underwritten Offering Request, the Company may cause such filing or request to be withdrawn and its effectiveness terminated or may postpone amending or supplementing such filing or request until such Valid Business Reason no longer exists, but in no event for more than 90 days; and the Company shall give written notice of its determination to postpone or withdraw a filing or request and of the fact that the </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Valid Business Reason for such postponement, withdrawal or premature termination no longer exists, in each case, promptly after the occurrence thereof; and (iii)&nbsp;the Company shall not be required to effect a filing or request pursuant to Section&nbsp;5.1 with respect to more than three Underwritten Offering Requests under this Agreement, provided that if any Underwritten Offering is abandoned as a result of a Valid Business Reason, the Company may be required to effect an additional filing pursuant to Section&nbsp;5.1.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Shareholder agrees that, upon receipt of any notice from the Company that the Company has determined to withdraw any filing or request for authorization for a Valid Business Reason pursuant to clause (c)&nbsp;above, such party will discontinue its disposition of Company Shares pursuant to such filing or authorization and, if so directed by the Company, will deliver to the Company all copies, other than permanent file copies, then in such party&#146;s possession, of the offering document covering such Company Shares that was in effect at the time of receipt of such notice.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company, subject to Section&nbsp;5.4, may elect to include in any filing and offering made pursuant to Section&nbsp;5.1, (i)&nbsp;authorized but unissued Class&nbsp;B Stock held by the Company as treasury shares and (ii)&nbsp;any other Class&nbsp;B Stock which are requested to be included in such registration pursuant to the exercise of piggyback registration rights granted by the Company after the date hereof in accordance with the terms of this Agreement; <i>provided</i>, however, that such inclusion shall be permitted only to the extent that it is pursuant to, and subject to, the terms of the underwriting agreement or arrangements entered into by the Shareholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company, shall pay all expenses (&#147;<u>Filing Expenses</u>&#148;) arising from or incident to any Underwritten Offerings, regardless of whether the offering is effected; <i>provided</i> that each Shareholder shall bear the expense of any broker&#146;s commission or underwriter&#146;s discount or commission relating to the registration and sale of its Company Shares and any of its legal fees, incurred in connection with a Underwritten Offering Request effected pursuant to Section&nbsp;5.1.&#160; Subject to the proviso included in the immediately preceding sentence, Filing Expenses shall include, without limitation, any and all expenses incident to performance of or compliance with any registration or marketing of securities pursuant to this Article&nbsp;V, including without limitation, (i)&nbsp;the fees, disbursements and expenses of the Company&#146;s legal counsel and accountants in connection with this Agreement and the performance of the Company&#146;s obligations hereunder; (ii)&nbsp;all expenses, including filing fees, in connection with the preparation, printing and filing of any registration statement, prospectus or preliminary prospectus, any other offering document and amendments and supplements thereto and the mailing and delivering of copies thereof to any underwriters and dealers; (iii)&nbsp;the cost of printing or producing any agreements among underwriters, underwriting agreements, and legal investment memoranda, any selling agreements and other documents in connection with the offering, sale or delivery of the securities to be disposed of (iv)&nbsp;all expenses in connection with the qualification of the securities to be disposed of for offering and sale under securities laws, including the fees and disbursements of counsel for the underwriters in connection with such qualification; (v)&nbsp;all fees and expenses payable in connection with the listing of the securities on an y securities exchange or automated interdealer quotation system; (vi)&nbsp;any other fees and disbursements of underwriters customarily paid by the issuer of securities; and (vii)&nbsp;the costs and expenses of the Company relating to analyst or investor presentations or any &#147;road shows&#148; undertaken in connection with the marketing of the securities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.3.&nbsp;&nbsp;<u>Piggyback Rights</u>.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If at any time through the fifth anniversary of the Effective Date, the Company proposes or is required to make any filing or request authorizations under Argentine securities laws in connection with a public offering in Argentina of Company Shares, whether or not for its own account, the Company shall give prompt written notice of its intention to do so and of the intended method of distribution to each Shareholder party to this Agreement owning directly or indirectly, at least the Minimum Shareholders </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount.&#160; Upon the written request of any such Shareholder made within 20 days following the receipt of any such written notice (which request shall specify the maximum number of Company Shares intended to be disposed of by such Shareholder in connection with such proposed offer), the Company shall, subject to Sections 5.3(b)&nbsp;and 5.4, use its best efforts to cause all such shares of Capital Stock to be authorized for sale to the public under Argentine securities laws (together with the securities which the Company at the time proposes to register) to permit the sale or other disposition by such Shareholder (in accordance with the intended method of distribution thereof) of such Company Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If at any time after giving written notice of its intention to make any filing or request authorizations for the offer to the public in Argentina of any equity securities and prior to the effective date of the authorization to sell such equity securities to the public in Argentina, the Company shall determine for any reason to delay the authorization to offer such equity securities, the Company may, at its election, give written notice of such determination to all Shareholders party to this Agreement and withdraw any filing and/or request for authorization, and (i)&nbsp;in the case of a determination not to proceed with such public offering, shall be relieved of its obligation to make a filing or request authorization for any other shares of Capital Stock in connection with such abandoned filing, without prejudice, however, to the rights of the Shareholders under Section&nbsp;5.1, and (ii)&nbsp;in the case of a determination to delay such public offering of equity securities, shall be permitted to delay filings and/or requests for authorization for such Company Shares for the same period as the delay in effecting the public offering in Argentina of such other equity securities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.4.&nbsp;&nbsp;<u>Allocation of Securities</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any request pursuant to Section&nbsp;5.1 involves an Underwritten Offering and if the lead managing underwriter (the &#147;<u>Manager</u>&#148;) shall advise the Company that, in its view, the number of securities requested by one or more Shareholders to be included in such Underwritten Offering (including those securities requested by the Company to be included in such registration) exceeds the largest number (the &#147;<u>Sale Number</u>&#148;) that can be sold in an orderly manner in such Underwritten Offering within a price range acceptable to the Shareholders that made the Underwritten Offering Request, as the case may be, the Company shall include in such Underwritten Offering all shares of Capital Stock requested to be included in such Underwritten Offering, <i>provided</i>, however, that if the number of such shares of Capital Stock exceeds the Sale Number, then the number of shares of Capital Stock (not to exceed the Sale Number) to be included in such Underwritten Offering shall be reduced on a pro rata basis among all such Shareholders, based on the number of shares of Capital Stock held by each such Shareholder requesting inclusion pursuant to Section&nbsp;5.2(a)&nbsp;or Section&nbsp;5.3(a)&nbsp;out of the total outstanding shares of Capital Stock of the Company; <i>provided, however</i>, that such allocation shall not operate to reduce the aggregate number of shares of Capital Stock to be included in such Underwritten Offering below the Sale Number, and if any Shareholder does not request inclusion of the maximum number of shares of Capital Stock allocated to such Shareholder pursuant to the above-described procedure, the remaining portion of such Shareholder&#146;s allocation shall be reallocated among those requesting Shareholders whose allocations did not satisfy their requests pro rata on the basis of the number of shares of Capital Stock which would be held by such Shareholders, assuming conversion, and this procedure shall be repeated until all of the shares of Capital Stock which may be included in the registration on behalf of the Shareholders have been so allocate.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.5.&nbsp;&nbsp;<u>Right of First Offer</u>. (a)&nbsp;In the event any Shareholder intends to exercise any of the rights set forth in Section&nbsp;5.1 or Section&nbsp;5.3 to Transfer all or any part of its Company Shares (the &#147;<u>Offered Interest</u>&#148;), such Shareholder shall first provide the other Shareholders with a notice of its intent to sell such Offered Interest (an &#147;<u>Offer Notice</u>&#148;) specifying the number and type of Company Shares that it proposes to sell and the intended offer price.&#160; For twenty-eight (28) days following receipt of such Offer Notice, each of other Shareholders shall have a right to purchase such Offered Interest at the intended </font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">offer price indicated in the Offer Notice, subject to this Section&nbsp;5.5.&#160; Such right shall be exercisable upon delivery of a written reply notice (or notices) by the Shareholders to the transferor within such twenty-eight (28) day period.&#160; If one or more Shareholders timely deliver such a written reply notice, then such Shareholders shall on a single date promptly (and in any case within sixty (60) days after the expiration of such 28 day period), at the purchase price and on the payment terms specified in the Offer Notice, purchase or cause to be purchased an amount of each type of Company Shares equal to the amount of each type of Company Shares proposed to be sold multiplied in each case by the such Shareholder&#146;s Agreement Ownership Percentage (excluding for the purposes of this calculation in the denominator any Company Shares proposed to be offered).&#160; No Shareholder shall be required to sell any Company Shares pursuant to this Section&nbsp;5.5(a)&nbsp;unless all of the Offered Interest will be purchased by one or more Shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp; If all of the Offered Interest proposed to be sold is not purchased by one or more Shareholders in the manner specified above, the transferor may, subject to the provisions of this Article&nbsp;V offer such Offered Interest within two hundred seventy (270) days of the date that is twenty-eight (28) days after the date of the Offer Notice; <u>provided</u> that any sale of such Offered Interest must be made at a purchase price that is equal to or greater than the offer price specified in the Offer Notice.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;VI</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESTRICTIONS; COMMITMENTS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.1.&nbsp;&nbsp;<u>Corporate Opportunities</u>.&#160; Except for investments in or by Cablevision and its Subsidiaries, no Shareholder may make, or permit an Affiliate or Subsidiary to make, any investment in any entity (other than the Company or any of the Controlled Companies) if the principal business activity of such entity is the TIC Business, unless such investment would not permit the Shareholder to exert significant influence over, or designate a member of the board of directors (or equivalent body) of, such entity,<i> provided</i>, <i>however</i> that prior to effecting an investment permitted under this Section&nbsp;6.1 such Shareholder shall offer, or cause such Affiliate or Subsidiary to offer the Company the opportunity to make such investment directly or through a Controlled Company for a period of 15 consecutive days, after which period, if the Company has not entered into binding agreements to effect such investment, the Shareholder, its Affiliate, or its Subsidiary, as the case may be, shall be free to consummate the proposed transaction for a period of 30 days.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.2.&nbsp;&nbsp;<u>Confidentiality</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as provided in Section&nbsp;6.2(b)&nbsp;below, no Shareholder shall make any announcements to the press, nor shall it make any other type of public announcement in relation to this Agreement or to the issues contemplated in it, without the consent of the other Shareholders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Shareholder shall maintain and shall cause its Affiliates and their respective directors, employees, consultants and agents to maintain, under strict confidentiality, any non public information related to the Company and its Controlled Companies or to the other Shareholders or any of their Affiliates obtained for purposes of this Agreement or as the result of it.&#160; Notwithstanding the above, any Shareholder and any of its Affiliates shall be entitled to disclose the terms of this Agreement and any other non public information related to the Company and its Controlled Companies to the extent it is legally compelled to do so, by virtue of applicable law, including the national or provincial laws of&#160; the Argentine Republic regarding securities and/or the federal or state laws of the United States of America regarding securities, but the Shareholder or its Affiliate which plans to make any such disclosure shall, to the extent reasonably practicable, previously notify and consult with the other Shareholders.&#160; The obligation of each Shareholder and its Affiliates to maintain such information under strict confidentiality </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be fulfilled if it treats such information with the same reasonable care as it exercises to keep the confidentiality of information owned by it. Each Shareholder is authorized to use all the information that, according to its criteria, might be advisable or necessary for their filings and those of its Affiliates before the United States Securities and Exchange Commission and before the corresponding state securities agencies of the United States of America, and for their filings and those of their Affiliates before the CNV, the <i>Bolsas y Mercados Argentinos</i> (Buenos Aires Stock Exchange) and any other securities exchange or regulatory agency where such filings may be required.&#160; Each Shareholder shall be responsible for any breach of this Section&nbsp;6.2 by any of its Affiliates.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The obligations established in subsection&nbsp;(b)&nbsp;of this Section&nbsp;6.2 shall not be applied to any information which:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the receiving party can prove with documentary evidence has been held by it or by any of its Affiliates before the reception of such information pursuant to this Agreement, excluding all information which has been confidentially exchanged between the parties before entering into this Agreement;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the receiving party can prove with documentary evidence has been created or obtained independently by it or by its Affiliates before or after the reception of such information pursuant to this Agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>is of public domain but not as a result of a breach of this Section&nbsp;6.2 by the receiving party or by a third party to whom the receiving party has disclosed such information;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>has been or is disclosed to the receiving party by a third party in such a manner that does not imply the breach of the disclosing party&#146;s confidentiality obligations; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>is disclosed by rule&nbsp;of law or by the standards of any pertinent securities market.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding anything in this Section&nbsp;6.2 to the contrary, any Shareholder (and each employee, representative or agent of such Person) may disclose to any and all Persons, without limitation of any kind, the tax treatment and tax structure of its investment in the Company and all material of any kind (including tax opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax structure.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.3.&nbsp;&nbsp;<u>Indemnification </u>. Each of CVH, Fintech Advisory and each other Shareholder (the &#147;<u>Indemnifying Party</u>&#148;) agrees and undertakes to indemnify each other such person and any CVH Party and Fintech Party, as the case may be (the &#147;<u>Indemnified Party</u>&#148;), upon request, for damages (including reasonable lawyer&#146;s fees and costs) which may be imposed on or suffered by the Indemnified Party as a result of (i)&nbsp;any act or omission by any director, alternate director, s&#237;ndicos or statutory auditor of the Company or any Controlled Company appointed at the direction of any of the CVH Parties (when CVH is the Indemnifying Party), any of the Fintech Parties (when Fintech Advisory is the Indemnifying Party) or of such Indemnifying Party, as the case may be, or (ii)&nbsp;any delay in the fulfillment or the non-fulfillment or other breach by any of the CVH Parties (when CVH is the Indemnifying Party), any of the Fintech Parties (when Fintech Advisory is the Indemnifying Party) or such Indemnifying Party, as the case may be, of any of its obligations or undertakings contained in this Agreement.&#160; Any action taken by a Director appointed by a Shareholder in contravention of this Agreement, whether or not pursuant to such Director&#146;s good faith belief that such action is necessary to comply with the Director&#146;s fiduciary duties under Argentine law, shall not excuse the breach of the Shareholder that nominated such Director in respect of this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.4.&nbsp;&nbsp;<u>Listing of Class&nbsp;B Stock</u>.&#160; Notwithstanding Section&nbsp;2.3(a)(xxii), absent the written consent of the Fintech Parties, the Company shall maintain the listing of shares of Class&nbsp;B Stock and American Depositary Shares representing shares of Class&nbsp;B Stock on the Securities Market of Buenos Aires (Bolsas y Mercados Argentinos) and the New York Stock Exchange, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.5.&nbsp;&nbsp;<u>Company Policies</u>.&#160; The Parties hereby to agree to, and shall be bound by, and agree to cause the Company to agree to and be bound by, the terms set forth in Annex F.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.6.&nbsp;&nbsp;<u>TEO Joinder</u>.&#160; The Parties shall use reasonable best efforts to cause TEO to execute a joinder and become a party to this Agreement as soon as practicable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.7.&nbsp;&nbsp;<u>Acquisition of Company Shares</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except for transactions permitted by Section&nbsp;4.1(a), neither the CVH Parties nor the Fintech Parties shall acquire, either directly or indirectly, any Company Shares, any shares of capital stock of TEO or any shares of capital stock of Nortel Inversora S.A., or the Company (collectively, the &#147;<u>Relevant Shares</u>&#148;) from any&#160; Person&#160; other than in accordance with this Section&nbsp;6.7(a).&#160; Prior to acquiring any Relevant Shares from any Person, the acquiring CVH Party or Fintech Party (or the Veto Third Party Shareholder, if applicable) shall provide notice to the CVH Parties or the Fintech Parties (or the Veto Third Party Shareholder, as applicable), of such opportunity to acquire Relevant Shares, which notice shall include the proposed number of Relevant Shares to be acquired and the price per Relevant Share. The CVH Parties or the Fintech Parties (or the Veto Third Party Shareholder, as applicable), will be entitled to purchase fifty percent (50%) of the Relevant Shares to be purchased by the acquiring Party on the same terms. If the other Parties do not elect to purchase their portion of the Relevant Shares, the acquiring Party may purchase 100% of the Relevant Shares for its own account. Notwithstanding anything to the contrary herein, this Section&nbsp;6.7 shall not apply to (i)&nbsp;the acquisition of Series&nbsp;B Preferred Shares (including Series&nbsp;B Preferred Shares represented by American Depositary Shares) of Nortel Inversora S.A., if the acquisition of such shares would result in the acquiring Party owning up to ninety-one percent (91%) of the outstanding Series&nbsp;B Preferred Shares of Nortel Inversora S.A., (ii)&nbsp;the acquisition of any Relevant Shares by any CVH Parties or Fintech Parties or any Affiliate thereof from any CVH Parties or Fintech Parties, (iii)&nbsp;the acquisition by the CVH Parties in the aggregate of (x)&nbsp;until the Merger Effective Date, up to 2.0% of the outstanding shares of the Company after giving effect to the Merger, and (y)&nbsp;after the Merger Effective Date, up to the difference between 2% of the outstanding Company Shares and the percentage of Company Shares representing the total amount of Company Shares acquired under (x), and (iv)&nbsp;any purchase under the Call Option Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that a Public Acquisition Offer (<i>Oferta P&#250;blica de Adquisici&#243;n </i>or &#147;Public Acquisition Offer&#148;) is required to be made in connection with the Merger, the CVH Parties shall make such Public Acquisition Offer and the Fintech Parties will be jointly and severally liable for any payment required to be made under such Public Acquisition Offer, with each Party purchasing fifty percent (50%) of the Class&nbsp;B Stock tendered; <i>provided</i> that, subject to the CVH Parties not having acquired up to 2% of the outstanding Company Shares calculated after giving effect to the Merger Effective Date under (a)(iii)(y)&nbsp;above, the CVH Parties will first have the right to acquire 100% of the Class&nbsp;B Stock tendered until reaching such 2% of the outstanding Company Shares calculated after giving effect to the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;VII</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MISCELLANEOUS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.1.&nbsp;&nbsp;<u>Conflicting Agreements</u>.&#160; Each of the Shareholders represents and warrants that such party has not granted and is not a party to any proxy, voting trust or other agreement that is inconsistent with or conflicts with any provision of this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.2.&nbsp;&nbsp;<u>Further Assurances</u>.&#160; At any time or from time to time after the date hereof, the parties agree to cooperate with each other and, at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as such other party may reasonably request in order to evidence or effectuate the actions and transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.3.&nbsp;&nbsp;<u>Amendment and Waiver</u>.&#160; Except as otherwise provided herein, no modification, amendment or waiver of any provision of this Agreement shall be effective against any party unless such modification, amendment or waiver is approved in writing by each party; <i>provided</i> that, to the extent any provision contains an agreement between less than all of the parties, such provision may be modified or waived by approval in writing by such parties, without the consent of the other parties unless such modification or waiver adversely affects any of such other parties.&#160; The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms.&#160; In addition, in the event that any Shareholder acquires all or some of the Company Shares of another Shareholder, the remaining parties to this Agreement agree to discuss in good faith whether any amendments to this Agreement are necessary or desirable as a result of such acquisition.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.4.&nbsp;&nbsp;<u>Severability</u>.&#160; Whenever possible, each term or provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any term or provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule&nbsp;in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or the validity of this Agreement in any other jurisdiction, and such term or provision shall be reformed, construed and enforced to the maximum extent permitted by applicable law or rule&nbsp;in such jurisdiction.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.5.&nbsp;&nbsp;<u>Effective Date</u>.&#160; This Agreement shall become effective at 12:01 a.m., Buenos Aires Time, on the Effective Date, except that Article&nbsp;I, Article&nbsp;IV, Article&nbsp;VI and Article&nbsp;VII shall become effective as of the date this Agreement is executed.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.6.&nbsp;&nbsp;<u>Entire Agreement</u>.&#160; Except as otherwise expressly set forth herein and notwithstanding any inconsistency or conflict with any provision of the bylaws of the Company, this document embodies the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, that may have related to the subject matter hereof in any way.&#160; Without limiting the generality of the foregoing, to the extent that any of the terms hereof are inconsistent with (a)&nbsp;the rights or obligations of any Shareholders under any other agreement with any other Shareholder, or (b)&nbsp;the bylaws of the Company, the terms of this Agreement shall govern.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.7.&nbsp;&nbsp;<u>Successors and Assigns</u>.&#160; Neither this Agreement nor any of the rights or obligations under this Agreement shall be assigned, in whole or in part (except by operation of law pursuant to a merger whose purpose is not to avoid the provisions of this Agreement), by any party without the prior written consent of the other parties hereto, and any purported assignment in violation hereof shall be null and void.&#160; Subject to the foregoing, this Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.&#160; Upon any Transfer of any of the Company Shares held by any Shareholder to a third Party that would be a Veto Third Party Shareholder in accordance with this Agreement, the Veto Third Party Shareholder shall execute an instrument of adherence to this Agreement, in form and substance reasonably satisfactory to the Company and the other Shareholders, pursuant to which such third party shall succeed to the specified rights and corresponding obligations of the transferring Shareholder under this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.8.&nbsp;&nbsp;<u>Counterparts</u>.&#160; This Agreement may be executed in separate counterparts each of which shall be an original and all of which taken together shall constitute one and the same agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.9.&nbsp;&nbsp;<u>Remedies</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, each non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; All rights, powers and remedies provided under this Agreement or otherwise available in respect hereof at law or in equity shall be cumulative and not alternative, and the exercise or beginning of the exercise of any thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Company undertakes, as a separate obligation hereunder, to comply with the terms of any Interim Relief order of a New York court applicable to it, regardless of whether such Interim Relief order has been domesticated in Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.10.&nbsp;&nbsp;<u>Notices</u>.&#160; Any notice, request, claim, demand or other communication under this Agreement shall be in writing, shall be either personally delivered, delivered by facsimile transmission, or sent by reputable overnight courier service (charges prepaid) to the address for such Person set forth below or such other address as the recipient party has specified by prior written notice to the other parties hereto and shall be deemed to have been given hereunder when receipt is acknowledged for personal delivery or facsimile transmission or one&nbsp;(1)&nbsp;day after deposit with a reputable overnight courier service.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to any CVH Party, care of:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tacuar&#237; 1846, 4th Floor</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1139)</font>, Buenos Aires, Argentina</p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Sebastian Bardengo</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone: (5411) 4309-3417</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: (5411) 4309-7665</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to any Fintech Party:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Media, LLC</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Fintech Advisory Inc.</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">375 Park Avenue, Suite&nbsp;3804</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10152</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attn: General Counsel</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone: (1)&nbsp;212 593-4500</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: (1)&nbsp;212 593-3645</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to any other Shareholder or the Company, at the address such Shareholder or the Company shall have specified by prior written notice to the other parties hereto upon becoming a Shareholder or, in the case of the Company, a party hereto, and thereafter from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.11.&nbsp;&nbsp;<u>Dispute Resolution</u>.&#160; The parties agree that any controversy, claim or dispute arising out of or relating to or in connection with this Agreement including, without limitation, any dispute regarding its existence, interpretation, breach, termination, enforceability or validity (each, a &#147;<u>Dispute</u>&#148;) should be regarded as a business problem to be resolved promptly through business-oriented negotiations before resorting to arbitration pursuant to Section&nbsp;7.12.&#160; Without prejudice to the parties&#146; right to seek Interim Relief at any time, the parties therefore agree to attempt in good faith to resolve any Dispute promptly by negotiation between the executives of the parties who have authority to settle the Dispute.&#160; Such negotiations shall commence upon delivery of a notice (the &#147;<u>Dispute Notice</u>&#148;) from the appropriate executive of the requesting party to an appropriate executive of the responding party.&#160; If the alleged breach has not been cured or the Dispute has not been otherwise resolved by these Persons within fifteen (15) days of the date of the Dispute Notice, unless the parties agree in writing to a longer period, the Dispute shall be referred to the chief executive officer of each of CVH, Fintech Advisory and/or the Parent of any other Shareholder, as applicable, for discussion and negotiation among them.&#160; In the event the Dispute has still not been resolved by negotiation within fifteen (15) days of such referral, then such Dispute shall be settled pursuant to binding arbitration pursuant to Section&nbsp;7.12.&#160; All negotiations pursuant to this Section&nbsp;7.11 shall be confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules&nbsp;of evidence and shall not be used for, or admitted in, any arbitration or court proceedings under this Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.12.&nbsp;&nbsp;<u>Arbitration</u>.&#160; Any Dispute hereunder shall be finally and definitively resolved by arbitration under the Arbitration Rules&nbsp;of the International Chamber of Commerce (the &#147;<u>ICC Rules</u>&#148; or &#147;<u>Rules</u>&#148;), which Rules&nbsp;are deemed to be incorporated by reference into this Clause.&#160; The Tribunal shall consist of one arbitrator (the &#147;<u>Arbitrator</u>&#148;), to be appointed pursuant to the ICC Rules.&#160; The seat of the arbitration shall be New York, New York.&#160; The language of the arbitration shall be English.&#160; In addition to any discovery permitted under the ICC rules, each party shall produce relevant, non-privileged, documents or copies thereof reasonably requested by any other party within the limits set by the Arbitrator, and subject to the Arbitrator&#146;s rulings on objections to such requests.&#160; Any award of the Tribunal shall be binding from the day it is made, and the parties waive any right to refer any question of law and any right of appeal on the law and/or merits to any court.&#160; Judgment upon the award rendered by the Tribunal may be entered in any court having jurisdiction thereof.&#160; The parties to this Agreement waive any defense to recognition and enforcement of the award based on lack of jurisdiction over their person or property or based on <i>forum non conveniens</i>.&#160; Nothing in these dispute resolution provisions shall be construed as preventing any party to this Agreement from at any time seeking preliminary, conservatory or similar interim relief (&#147;<u>Interim Relief</u>&#148;) in the federal or state courts in New York, New York.&#160; Further and without limitation, the parties to this Agreement submit to the exclusive jurisdiction of the federal and state courts in New York, New York for the purpose of such Interim Relief.&#160; The parties waive any objections based on lack of jurisdiction over their person or property or based on <i>forum non conveniens</i> with respect to any application for such Interim Relief in the federal and state courts in New York, New York.&#160; The Arbitrator shall include in its award an allocation to the prevailing party of its costs (including attorneys&#146; fees and all costs incurred in seeking Interim Relief), or such portion of its costs as the Arbitrator determines, in its absolute discretion, is commensurate with the prevailing party&#146;s degree of success.&#160; Such costs shall include any costs associated with requesting an injunction in a New York court in connection with such dispute.&#160; Each of the parties hereby irrevocably designates CT Corporation, with offices situated at present at 111 Eighth Avenue, New York, New York 10011 as its authorized agent, respectively, to accept and acknowledge on its behalf service of any process which may be served in any proceeding in New York.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">55<a name="PB_55_124025_5335"></a></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.13.&nbsp;&nbsp;<u>Responsibility of the Company and Directors</u>.&#160; (a)&nbsp;With respect to any Veto Matter, the Company shall be permitted to take action only if the Veto Matter has been approved by the required majority.&#160; In the event that the Company shall be uncertain as to its rights or duties hereunder or shall receive instructions from any Shareholder which, in the Company&#146;s opinion, are in conflict with any of the provisions of this Agreement, the Company shall be entitled to refrain from taking any action hereunder until it shall be directed otherwise in a writing signed by each of CVH and Fintech Advisory, or as instructed by a court of competent jurisdiction.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;The Parties hereby irrevocably waive any right to bring claims, including without limitation under Sections 271 through 273 of the Argentine Corporations Law (<i>Ley 19550 de Sociedades Comerciales</i>, as amended) against any member of the Board or of the board of any Controlled Company based on such member&#146;s decision to vote in favor of the approval of any transaction between the Company or a Controlled Company, on the one hand, and a Shareholder, its Affiliates or its Subsidiaries on the other hand.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.14.&nbsp;&nbsp;<u>Governing Law</u>.&#160; This Agreement shall be governed by and construed and enforced in accordance with the law of the State of New York without regard to the conflict of laws rules&nbsp;thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">56<a name="PB_56_124033_5796"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex A</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The consolidated Annual Budget and the Business Plan shall establish, <i>inter alia,</i> (1)&nbsp;the minimum projected indebtedness of the Company, (2)&nbsp;the maximum amount of Capital Expenditures for each type of Capital Expenditure, (3)&nbsp;the maximum amount of operating expenses in terms of margin over sales or a maximum amount of operating expenses, (4)&nbsp;the minimum amount of cash and cash equivalents to be maintained by the Company, and (5)&nbsp;the projected availability of cash to pay dividends and the amount of dividends to be distributed; provided that the first Business Plan and consolidated Annual Budget of the Company and its Controlled Companies following the Merger Effective Date (x)&nbsp;shall be prepared in consultation with the Parties, (y)&nbsp;shall be subject to the mutual agreement of the Parties, and (z)&nbsp;shall cover (i)&nbsp;the interim period starting on the Merger Effective Date and ending the same day as the fiscal year on which the Merger Effective Date occurs, and (ii)&nbsp;the immediately following three fiscal years in respect of the Business Plan and the immediately following fiscal year in respect of the Annual Budget; provided further that (A)&nbsp;for as long as the Parties have not mutually agreed upon such first Business Plan and consolidated Annual Budget of the Company and its Controlled Companies, the Company shall use the combined business plans and annual budgets of TEO and Cablevisi&#243;n existing as of the Merger Effective Date solely for purposes of continuing&#160; operations, provided that only up to the Category Reallocation Percentage of any amounts allocated to a specific line item of the corresponding Category in the Annual Budgets of TEO and Cablevisi&#243;n that remain unused at the end of such fiscal year as a direct result of the synergies resulting from the Merger or the Merger itself may be redirected to a different line item of the same Category of either TEO or Cablevision without the prior approval of each Party hereto; and (B)&nbsp;for so long as the Parties have not mutually agreed upon&#160; any subsequent Business Plan or consolidated Annual Budget, the Company shall conduct its operations under the most recently approved business plan and consolidated annual budget as adjusted to reflect the effects of inflation in U.S. dollars or Argentine Pesos on the items denominated in either currency, as applicable.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex B</font></u></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial Institutions</font></u></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>JPMorgan&nbsp;&amp; Co</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Bank of America</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Goldman Sachs</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Citibank</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Deutsche Bank</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>HSBC</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Itau BBA</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>ICBC</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Standard Bank</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Credit Suisse</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>UBS Investment Bank</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Banco Bilbao Vizcaya Argentaria (BBVA)</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Banco Santander S.A.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Banco Macro S.A.</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex C</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTE GRAFICO EDITORIAL ARGENTINO S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CANAL RURAL SATELITAL S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPA&#209;&#205;A DE MEDIOS DIGITALES (CMD) S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPA&#209;&#205;A INVERSORA EN MEDIOS DE COMUNICACION S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSPIDE LIBROS S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIARIO LOS ANDES HNOS. CALLE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GC GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GRUPO CLARIN S.A. / CABLEVISION HOLDING S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Financial loans</font></p>    </td>   </tr>
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<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LA VOZ DEL INTERIOR S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAS LOGISTICA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PAPEL PRENSA S A I C F Y DE M</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Internet</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POLKA PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RADIO MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet and Advertising</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELE RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOR S.A.C.I.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELEDIFUSORA BAHIENSE S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNIR S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UTE FEASA</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CATV,&nbsp;Internet</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">CONTENTS&nbsp;(Suppliers)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Service</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTE RADIOTELEVISIVO ARGENTINO S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming / Coproduction</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CANAL RURAL</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELE RED IMAGEN S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming</font></p>    </td>   </tr>
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<td width="58%" valign="top" style="padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">POLKA PRODUCCIONES S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Coproduction</font></p>    </td>   </tr>
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<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RADIO MITRE S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Programming</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex D</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">ADMINISTRATIVE&nbsp;(Suppliers)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="40%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Service</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="58%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:58.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GRUPO CLARIN S.A. / CABLEVISION HOLDING S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management Fee</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GC GESTION COMPARTIDA S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advisory Service, Collection Fee</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex E</font></u></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">ADVERTISING/OTHERS&nbsp;(Suppliers)</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Service</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTE GRAFICO EDITORIAL ARGENTINO S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising, Perk Program &#147;Clar&#237;n 365&#148; for   Cablevision&#146;s Employees</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTES GRAFICAS RIOPLATENSE S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Magazzine&#146;s Edition and Distribution</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTE RADIOTELEVISIVO ARGENTINO S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPA&#209;&#205;A DE MEDIOS DIGITALES (CMD) S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPA&#209;&#205;A INVERSORA EN MEDIOS DE COMUNICACI&#211;N CIMECO   S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CUSPIDE LIBROS S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DIARIO LOS ANDES HNOS. CALLE S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commercial Servicies</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IMPRIPOST TECNOLOGIAS S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Invoices&#146; Printing and Enveloping</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LA VOZ DEL INTERIOR S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAS LOGISTICA S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distribution</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TELECOR S.A.C.I.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Advertising</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNIR S.A.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Invoices&#146;s Distribution, and Logistics</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex F</font></u></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.&#160; </font><b><u style="font-weight:bold;">Governance Principles</u></b>.&#160; The Shareholders agree to exercise their rights as Shareholders to ensure that the governance and management of the Company and its Controlled Companies shall be conducted in accordance with the principles stated below which shall constitute an obligation of each of the Shareholders in respect of all aspects concerning the Company.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 107.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The management and operation policies of the Company shall be formulated and implemented by the governing and administrative bodies of the Company, its Board of Directors and duly appointed managers, in accordance with the institutional mechanisms and procedures regarding voting and consensus formation provided for in the corporate bylaws and governance documents of the Company and the Shareholders Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 107.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Regardless of whether a Shareholder is the controlling entity of the Company and/or the Company is deemed to be consolidated with a Shareholder pursuant to applicable accounting regulations, the Company shall be treated at all times by each Party as an independent entity, and each Party shall act as a shareholder of the Company and shall not enter into a management agreement or similar arrangement related to the operative management of the Company, without prejudice to (i)&nbsp;the supervising mechanisms that may be established for the benefit of all Shareholders and (ii)&nbsp;transactions that are expressly approved in accordance with the terms for related party transactions provided for in the Shareholders Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 107.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The representation of the Company in respect of third parties shall be exercised by the Company and its employees and none of the Shareholders shall be permitted, without the authorization of the other Shareholders, to represent the Company to any third party, including clients, suppliers, investors, creditors, regulatory authorities and the media.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 107.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any person proposed by one of the Shareholders to be designated as a Director of the Company or any of its Controlled Companies shall not hold management positions or serve on the board of the Affiliates of Cablevisi&#243;n or TEO, except with the prior consent of the other Shareholders.&#160; For the avoidance of doubt, the foregoing does not apply to any person that simultaneously serves on the Board and the board of directors of CVH, Dominio or Fintech Advisory.&#160; The employees of the Company cannot receive any kind of compensation from any of the Shareholders or hold any other position or perform any other function in any of the Shareholders or their Affiliates.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 107.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH and Fintech Advisory shall agree upon a formal management structure of the Company (<i>organigrama</i>) that will provide for a clear delimitation of duties and responsibilities within the different functional areas of the Company, without duplication of duties or responsibilities in other areas of the Company.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 107.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>C.&#160; A general human resources policy of the Company shall be put in place whose main guidelines shall be: a) corporate independence from the Shareholders, and b) functional independence from the Shareholders. Key</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-</font>1<a name="PB_1_124704_7953"></a></p>
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<p style="margin:0in 0in .0001pt 107.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Employees of the Company shall enter into labor contracts with the Company pursuant to which they will be specifically bound to respect the formal lines of reporting to be established by the Parties and to avoid obstructive or authoritarian behavior to other managers by themselves or any other manager subject to their responsibility in their respective areas. Compliance with these policies shall be part of the variable compensation of Key Employees.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.&#160; </font><b><u style="font-weight:bold;">Indebtedness Policy</u></b>.&#160; The Shareholders agree to cause the Company to maintain an Indebtedness to EBITDA ratio of no less than 1.5 and no greater than 3.0 and to cause the Company to use its best efforts to reach an Indebtedness to EBITDA ratio equal to 2.0 as soon as practicable after the Effective Date (the &#147;<u>Indebtedness Policy</u>&#148;).</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-</font>2<a name="PB_2_124726_141"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.<a name="Exhibit99_25_114755"></a>4</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">CALL OPTION AGREEMENT</font></u></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">W</font></u>&nbsp;<u>I</u>&nbsp;<u>T</u>&nbsp;<u>N</u>&nbsp;<u>E</u>&nbsp;<u>S</u>&nbsp;<u>S</u>&nbsp;<u>E</u>&nbsp;<u>T</u>&nbsp;<u>H</u>:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Fintech Advisory is the parent company of FT and FIA;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, FT is the direct controlling shareholder of Sofora Telecomunicaciones S.A., (&#147;<u>Sofora</u>&#148;), Sofora is the controlling shareholder of Nortel Inversora S.A. (&#147;<u>Nortel</u>&#148;), Nortel is the controlling shareholder of Telecom Argentina S.A. (&#147;<u>TEO</u>&#148;) and TEO is the controlling shareholder of Telecom Personal S.A. (&#147;<u>Personal</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Sofora, Nortel, TEO, and Personal have entered into a preliminary reorganization agreement (<i>Compromiso Previo de Fusi&#243;n</i>), dated March&nbsp;31, 2017, pursuant to which Sofora, Nortel and Personal will be merged into TEO, which will be the surviving entity, and Sofora, Nortel and Personal will be dissolved without liquidation and all of their respective assets and liabilities will be transferred to TEO in accordance with Argentine corporate law and the terms of the preliminary reorganization agreement (the &#147;<u>Reorganization</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Cablevisi&#243;n S.A., a company organized and existing under the laws of Argentina (&#147;<u>Cablevisi&#243;n</u>&#148;), and TEO have entered into a preliminary merger agreement (<i>Compromiso Previo de Fusi&#243;n</i>) dated June&nbsp;30, 2017 (the &#147;<u>Preliminary Merger Agreement</u>&#148;), pursuant to which Cablevisi&#243;n will be merged into TEO, following which TEO will be the surviving entity and Cablevisi&#243;n will be dissolved without liquidation and all of its assets and liabilities transferred to TEO, as applicable, in accordance with Argentine corporate law and the terms of the Preliminary Merger Agreement (the &#147;<u>Merger</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 4.5pt;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, the Parties have established that TEO has a total equity value of US$4,693,550,000;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, CVH and FIA each hold 50% of the membership interests of VLG Argentina LLC, a limited liability company organized and existing under the laws of the State of Delaware (&#147;<u>VLG</u>&#148;), and VLG owns 61,581 shares of common stock of Cablevisi&#243;n representing 51.32% (the &#147;<u>Cablevisi&#243;n Ownership</u>&#148;) of the total share capital of Cablevisi&#243;n; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in furtherance of the Merger, the Fintech Parties wish Fintech Advisory to sell to CVH, and CVH wishes to acquire, certain membership interests of FT on the terms and subject to the conditions set forth below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the foregoing and of the mutual agreements contained herein and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Certain Defined Terms</u>.<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms this Section&nbsp;1. For the purpose of this Agreement,</p>
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<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bankruptcy Exceptions</u>&#148; means any applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the rights of creditors generally and to principles of equity (whether considered in a proceeding in equity or at law).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:78.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bono de Goce</u>&#148; means the dividends rights certificates issued by Sofora in favor of W de Argentina &#151; Inversiones S.A. on May&nbsp;23, 2017 up to an initial aggregate amount of dividends of US$245,036,017 and on June&nbsp;22, 2017 up to an initial aggregate amount of dividends of US$216,280,387.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; means any day other than (i)&nbsp;a Saturday or Sunday, or (ii)&nbsp;a day on which banks in New York City, New York, United States of America and Buenos Aires, Argentina are authorized or required by law to close.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Contract</u>&#148; means any contract, agreement or other legally binding instrument, including any note, bond, mortgage, deed, indenture, insurance policy, commitment, undertaking, promise, lease, sublease, license or sublicense or joint venture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CV Shareholders&#146; Agreement</u>&#148; means the Amended and Restated Shareholders&#146; Agreement relating to Cablevisi&#243;n dated as of May&nbsp;4, 2017 among VLG, CVH, FT, FIA, Fintech Advisory and Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:74.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Encumbrance</u>&#148; means any charge, claim, adverse interest, community property interest, pledge, hypothecation, condition, equitable interest, lien (statutory or other), option, security interest, mortgage, deed of trust, encumbrance, easement, encroachment, license, sublicense, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership, but excluding the TEO Shareholders&#146; Agreement and, in the case of VLG Membership Interests, the CV Shareholders&#146; Agreement and the VLG LLC Operating Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Financing</u>&#148; means advances to CVH under one or more arrangements in an aggregate principal amount of up to US$750,000,000 to finance the transactions contemplated pursuant to this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>FT Proportion</u>&#148; means a percentage equal to the percentage of capital stock of Sofora (or Class&nbsp;A Shares of TEO into which shares of capital stock of Sofora are converted following the Reorganization) held by FT multiplied by the percentage of FT represented by the FT Membership Interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>FT Proportional Interest</u>&#148; means a percentage equal to (x)&nbsp;the number of FT Membership Interests divided by (y)&nbsp;the total number of membership interests of FT issued and outstanding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>GAAP</u>&#148; means, with respect to any Person, generally accepted accounting principles applicable to such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governmental Body</u>&#148; means any foreign, federal, state, provincial, local or other court, governmental authority, tribunal, commission or regulatory body or self-regulatory body</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(including any securities exchange), or any political or other subdivision, department, agency or branch of any of the foregoing.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indebtedness</u>&#148; of any Person at any date means, without duplication, all obligations of such Person under the applicable governing documentation to pay principal, interest, penalties, fees, guarantees, reimbursements, damages, costs of unwinding and other liabilities with respect to (a)&nbsp;indebtedness for borrowed money, whether current or funded, fixed or contingent, secured or unsecured, (b)&nbsp;indebtedness evidenced by bonds, debentures, notes, mortgages or similar instruments or debt securities, (c)&nbsp;leases that are capitalized in accordance with GAAP under which such Person is the lessee, (d)&nbsp;the deferred purchase price of goods or services (other than trade payables or accruals in the ordinary course of business consistent with past practice), (e)&nbsp;obligations under interest rate swap, hedging or similar agreements and (f)&nbsp;direct or indirect guarantees or other forms of credit support of obligations described in clauses (a)&nbsp;through (e)&nbsp;above of any Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Legal Proceeding</u>&#148; means any claim, litigation, action, suit (whether civil, criminal, administrative, judicial or investigative), audit, hearing, investigation, binding arbitration or mediation or proceeding, in each case commenced, brought, conducted, heard before or otherwise involving any Governmental Body, arbitrator or mediator.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Liabilities</u>&#148; means any and all Indebtedness, liabilities, commitments or obligations, whether accrued or fixed, known or unknown, absolute or contingent, matured or unmatured, liquidated or unliquidated, determined or determinable, on or off-balance sheet, and whether arising in the past, present or future, and including those arising under any Contract, Legal Proceeding or Order.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Order</u>&#148; means any judgment, order, injunction, decision, determination, award, ruling, writ, stipulation, restriction, assessment or decree of, or entered by, with or under the supervision of, any Governmental Body.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; means any individual, general or limited partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated organization, joint venture, firm, association or other entity or organization (whether or not a legal entity), including any Governmental Body (or any department, agency, or political subdivision thereof).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Regulatory Approval</u>&#148; means the approval of the Merger by the Argentine National Communications Authority (<i>Ente Nacional de Comunicaciones</i>).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Spinco Proportion</u>&#148; means a percentage equal to the percentage of capital stock of Sofora (or Class&nbsp;A Shares of TEO into which shares of capital stock of Sofora are converted following the Reorganization) held by Spinco.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>TEO Shareholders&#146; Agreement</u>&#148; means the Shareholders&#146; Agreement relating to TEO dated as of July&nbsp;7, 2017 among, <i>inter alia</i>, the Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>VLG LLC Operating Agreement</u>&#148; means the Fourth Amended and Restated Limited Liability Company Agreement of VLG Argentina, LLC, dated as of May&nbsp;4, 2017.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Grant of Option</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fintech Advisory hereby grants CVH an irrevocable option to purchase from Fintech Advisory, and to require Fintech Advisory to sell to a number of membership interests of FT (the &#147;<u>FT Membership Interests</u>&#148;) that will represent 13.51% of the total outstanding share capital of TEO on a fully diluted basis, together with any rights to declared by unpaid dividends (after giving effect to the Reorganization but prior to the Merger), which as of July&nbsp;7, 2017 is represented by 130,969,944 shares of common stock of TEO, together with any right to declared but unpaid dividends, on the terms and conditions, for the purchase price, and exercisable during the period set forth below (the &#147;<u>Call Option</u>&#148;), subject to the terms and conditions contained herein (including, for the avoidance of doubt, Fintech Advisory&#146;s right to deliver VLG Membership Interests or Spinco Interests in lieu of FT Membership Interests) (such FT Membership Interests or VLG Membership Interests or Spinco Interests delivered in lieu thereof, the &#147;<u>Deliverable Securities</u>&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Option Price</u>. In consideration for Fintech Advisory&#146;s grant of the Call Option, CVH shall pay to Fintech Advisory US$3,000,000 (three million U.S. dollars) (the &#147;<u>Option Price</u>&#148;) within thirty (30) days of July&nbsp;7, 2017.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Call Option Period</u>. CVH shall be entitled to exercise the Call Option at the Exercise Price at any time during the period (such period, the &#147;<u>Call Option Period</u>&#148;) (i)&nbsp;commencing on the date on which the Option Price is paid and (ii)&nbsp;ending on the earlier of (x)&nbsp;sixty (60) days&#160; after the Regulatory Approval, (y)&nbsp;five (5)&nbsp;Business Days prior to the date on which the Merger is effective pursuant to the terms of the Preliminary Merger Agreement, and (z)&nbsp;one (1)&nbsp;year from July&nbsp;7, 2017 (the &#147;<u>Outside Date</u>&#148;); <u>provided</u>, further that the Outside Date may be amended upon the mutual agreement by the Parties hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exercise of Call Option</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Call Option shall vest and become fully exercisable on the first day of the Call Option Period. CVH shall have the right, in its sole discretion, to exercise the Call Option in full (but not in part) at any time on a single day during the Call Option Period. Once vested, the Call Option shall remain in full force and effect until the earlier to occur of the Call Option Closing (as defined below) and the expiration of the Call Option Period.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Call Option Closing</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The closing of the sale of the applicable Deliverable Securities resulting from the exercise of the Call Option (the &#147;<u>Call Option Closing</u>&#148;) shall take place at 10:00 a.m.&nbsp;in the City of New York at the offices of Cleary Gottlieb Steen and Hamilton LLP, or such other law firm as the parties hereto may agree on the date specified by CVH in its Exercise Notice (as defined below), which date in no event shall be (i)&nbsp;less than three (3)&nbsp;or more than six (6)&nbsp;Business Days following the date of the Exercise Notice (the &#147;<u>Call Option Closing Date</u>&#148;); <u>provided</u> that the Call Option Closing Date may be extended by five (5)&nbsp;additional Business Days for the closing of the sale of the Spinco Interests (as defined below) at the request of any Fintech Party; <u>provided</u> further that the Call Option Closing Date may only occur after the Regulatory Approval has been obtained or, in case the Regulatory Approval has not been</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_130635_5335"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">obtained, after the Spinco Deadline (as defined below).&#160; On the Call Option Closing Date, Fintech Advisory, shall, subject to clause (b)&nbsp;below, against receipt of the Exercise Price, sell, convey, transfer and deliver (or cause FIA to deliver) to CVH full right, title and interest in and to the Deliverable Securities, in each case free and clear of all claims and Encumbrances, by executing and delivering (i)&nbsp;an Assignment Agreement, substantially in the form of <u>Exhibit&nbsp;</u></font><u>C</u>, and (ii)&nbsp;any such customary instruments of conveyance or purchase agreement as CVH or Fintech Advisory may reasonably request.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding the provisions <u>Section&nbsp;5(a)</u>, in the event the Regulatory Approval is not obtained within one year of July&nbsp;7, 2017 (the &#147;<u>Spinco Deadline</u>&#148;) then after the Spinco Deadline, Fintech Advisory shall have the right to deliver or cause to be delivered, and CVH shall have the right to cause to be delivered, (the &#147;<u>Spinco Delivery Option</u>&#148;), in lieu of delivering the FT Membership Interests, 100% of the capital (the &#147;<u>Spinco Interests</u>&#148;), free and clear of all claims and Encumbrances, of a newly-formed entity established under the laws of the State of Delaware or a jurisdiction mutually agreed upon by the Parties (&#147;<u>Spinco</u>&#148;) (A)&nbsp;the assets of which consist solely of any of (i)&nbsp;shares of Sofora, together with any rights to declared but unpaid dividends of TEO (ii)&nbsp;class B preferred shares of Nortel, together with any rights to declared but unpaid dividends of TEO (&#147;<u>NTL Preferred B Shares</u>&#148;) and/or (iii)&nbsp;ordinary shares of TEO, together with any rights to declared but unpaid dividends (whether directly or in the form of American Depositary Shares, &#147;<u>TEO Securities</u>&#148;), which in the aggregate will represent 13.51% of the total outstanding share capital of TEO on a fully diluted basis, together with any rights to declared but unpaid dividends (after giving effect to the Reorganization but prior to the Merger), which as of July&nbsp;7, 2017 is represented by 130,969,944 shares of common stock of TEO, together with any right to declared but unpaid dividends and (B)&nbsp;which has no Liabilities. If Fintech Advisory or CVH wishes to exercise the Spinco Delivery Option, it shall provide notice thereof to the other party three (3)&nbsp;Business Days prior to the Call Option Closing Date. For the avoidance of doubt, if any party elects the Spinco Delivery Option, Spinco Interests shall be delivered in lieu of FT Membership Interests. Notwithstanding the foregoing, if CVH elects the Spinco Delivery Option and on the Call Option Closing Date Fintech Advisory is unable to deliver the Spinco Interests, then FIA shall be obligated to deliver and CVH shall be entitled to receive the VLG Membership Interests (as defined below) in lieu of the Spinco Interests.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding the provisions of <u>Section&nbsp;5(a)</u>&nbsp;and <u>Section&nbsp;5(b)</u>, if the Call Option Closing Date occurs after the date on which the Regulatory Approval is received, Fintech Advisory and CVH shall have the right (the &#147;<u>VLG Delivery Option</u>&#148;) to deliver and receive, respectively, in lieu of FT Membership Interests, 21.55% of the total membership interests of VLG, together with any rights to declared but unpaid dividends of Cablevision (such interests, the &#147;<u>VLG Membership Interests</u>&#148;), free and clear of all claims and Encumbrances. For the avoidance of doubt, VLG Membership Interests shall also refer to equity interests of any successors of VLG formed by split-off, including the VLG Split Off (as defined in the TEO Shareholders&#146; Agreement). If Fintech Advisory or CVH wishes to exercise the VLG Delivery Option, it shall provide notice thereof to other party three (3)&nbsp;Business Days prior to the Call Option Closing Date.&#160; For the avoidance of doubt, if any party chooses to exercise the VLG Delivery Option, VLG Membership Interests shall be delivered in lieu of FT Membership Interests.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_130646_5796"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Payment of the Exercise Price shall be made in full by CVH to Fintech Advisory (or&#160; FIA in the event that FIA transfers the VLG Membership Interests pursuant to this <u>Section&nbsp;5</u>) in U.S. dollars by wire transfer of immediately available funds to a bank account in the United States of America designated by Fintech Advisory or FIA, as applicable, no later than on the Call Option Closing Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exercise Price and Adjustment</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The price for the exercise of the Call Option shall be an amount equal to&#160; US$634,275,282 (the &#147;<u>Base Price</u>&#148;), which shall be increased from and after the 90<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&#160;day following July&nbsp;7, 2017 at a rate of 6% per annum, accruing daily on the unpaid balance of the Exercise Price (as defined below) (the &#147;<u>Adjustment Amount</u>&#148;) until it is paid in full on the Call Option Closing Date (the Base Price, together with any Adjustment Amount, the &#147;<u>Exercise Price</u>&#148;). For the avoidance of doubt, the Exercise Price shall be retroactively adjusted to account for any reduction in the Base Price pursuant to clause (i)&nbsp;or (ii)&nbsp;below, and no Adjustment Amount shall have applied to the amount by which the Base Price was so reduced, from and after the date any TEO Dividends or Cablevision Dividends are paid.&#160; The Parties acknowledge and agree that:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the event that, pursuant to <u>Section&nbsp;5</u>, CVH receives the FT Membership Interests or the Spinco Interests, the Base Price shall be adjusted by deducting an amount equal to (y)&nbsp;the FT Proportional Interest of the total Liabilities of FT or any Liability of Spinco, as the case may be, and the FT Proportion or Spinco Proportion of any portion outstanding of the Bono de Goce, in each case as of the Call Option Closing Date, if any and (z)&nbsp;in the event that on or prior to the Call Option Closing Date, TEO has paid and the holders of TEO Securities receive any dividend or other distribution in respect of TEO&#146;s ordinary shares in accordance with the provisions of the Preliminary Merger Agreement (the &#147;<u>TEO Dividends</u>&#148;), 13.51% of such TEO Dividend; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:74.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>in the event that, pursuant to <u>Section&nbsp;5</u>, CVH receives the VLG Membership Interests, and Cablevisi&#243;n has paid any dividend or other distribution in respect of Cablevisi&#243;n&#146;s ordinary shares (the &#147;<u>Cablevision Dividend</u>&#148;) prior to the Call Option Closing Date, the Base Price shall be adjusted by deducting an amount equal to 21.55% of the Cablevision Dividend received by VLG.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:74.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall have the right, in its sole discretion, to elect to make an advance payment of the Exercise Price in whole or in part at any time without exercising the Call Option. In the event that CVH makes any such advance payment (the &#147;<u>Advance Payment</u>&#148;), (i)&nbsp;the Base Price shall cease to increase by the Adjustment Amount with respect to any amount paid by the Advance Payment (but any unpaid amount of the Base Price shall continue to accrue the Adjustment Amount) and (ii)&nbsp;to the extent CVH has paid the Exercise Price in full prior to the Call Option Closing, CVH shall be entitled to exercise the Call Option during the Call Option Period and receive the relevant equity interests pursuant to <u>Section&nbsp;5</u> without any further payment. In the event that the Exercise Price is paid in advance of the exercise of the Call Option and the amount of the Advance Payment exceeded the applicable Exercise Price pursuant to <u>Section&nbsp;6(a)</u>, Fintech Advisory (or FIA, as applicable) shall reimburse CVH on the Call Option</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_130656_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Closing Date for the amount by which the Advance Payment exceeded the Exercise Price pursuant to <u>Section&nbsp;6(a)</u>, as applicable, together with an amount equal to the Adjusted Amount applicable to (i)&nbsp;any amounts due pursuant to Section&nbsp;<u>6(a)(i)(y)</u>, in which case such Adjustment Amount shall start accruing from the date on which the Advance Payment was received by Fintech Advisory, or (ii)&nbsp;any amount due pursuant to <u>Section&nbsp;6(a)(i)(z)</u>&nbsp;or <u>Section&nbsp;6(a)(ii)</u>, in which case such Adjusted Amount shall start accruing from the date on which the TEO Dividend or the Cablevision Dividend, as applicable, was paid by TEO or Cablevision, respectively, provided, however, that Fintech Advisory or FIA, as applicable, shall be entitled to make a cash payment equal to the lesser of (x)&nbsp;such TEO Dividend or Cablevision Dividend due pursuant to <u>Section&nbsp;6(a)(i)(z)</u>&nbsp;or <u>Section&nbsp;6(a)(ii)</u>, as the case may be and (y)&nbsp;any Advance Payment on deposit with Fintech Advisory or FIA,&#160; to CVH within 3 (three) days of collecting the TEO Dividend or Cablevision Dividend, as applicable, in which case no Adjustment Amount shall apply to any such amount due pursuant to <u>Section&nbsp;6(a)(i)(z)</u>&nbsp;or <u>Section&nbsp;6(a)(ii)</u>.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Collateral</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If Fintech Advisory receives Advance Payments that in an aggregate amount to at least US$100,000,000 (such amount, the &#147;<u>Advance Deposit</u>&#148;), then as security for the prompt payment and performance in full when due of the obligations assumed by the Fintech Parties under this Agreement, including the delivery of the Deliverable Securities, FIA shall grant, on the date on which an amount equal to at least the Advance Deposit is made, a first ranking pledge over a certain percentage of the total membership interests of VLG owned by FIA equal to (x)&nbsp;the aggregate amount of Advance Payments received divided by the Exercise Price on such date multiplied by (y)&nbsp;the percentage of VLG Membership Interests that would be delivered pursuant to the VLG Delivery Option (the &#147;<u>Pledged Interests</u>&#148;), substantially in the form of <u>Exhibit&nbsp;A</u> (the &#147;<u>Pledge Agreement</u>&#148;). If the Advance Payments made after the initial Pledge Agreement is executed exceed an additional US$100,000,000, CVH may request that FIA&#160; pledge additional VLG Membership Interests pursuant to the Pledge Agreement in accordance with the foregoing paragraph; <u>provided</u> that CVH may make no more than one request for additional VLG Membership Interests to be pledged.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that, following the occurrence and during the continuation of an Event of Default (as defined in the Pledge Agreement), the Secured Party (as defined in the Pledge Agreement) takes any action with respect to the Pledged Interests pursuant to <u>Section&nbsp;8</u> (Remedies) of the Pledge Agreement, CVH will be deemed to have exercised the Call Option and shall pay the Exercise Price or the balance thereof, if applicable (as adjusted in accordance with this Agreement) to FIA.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that CVH makes any Advance Payment pursuant to <u>Section&nbsp;6(b)</u>&nbsp;but does not deliver an Exercise Notice to exercise the Call Option then, upon the expiration of the Call Option Period, CVH will be deemed to have exercised the Call Option and, as applicable, either (A)(i)&nbsp;CVH shall pay the balance of the Exercise Price (as adjusted in accordance with <u>Section&nbsp;6(a)</u>) to FIA or (ii)&nbsp;FIA shall pay to CVH any amount that may be applicable pursuant to the adjustments described under <u>Section&nbsp;6(a)</u>&nbsp;and<u> Section&nbsp;6(b)</u>, and (B)&nbsp;subject to the payment of the corresponding amount due in accordance with (A), CVH be entitled to retain the Pledged Interests as consideration for the Exercise Price.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and Warranties of FT</u>.&#160; As of July&nbsp;7, 2017 and as of the Call Option Closing Date, FT represents and warrants to CVH that:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FT is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all required corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated herein. This Agreement has been duly executed and delivered by FT and constitutes the legal, valid and binding obligation of FT enforceable against FT in accordance with its terms, subject to the Bankruptcy Exceptions.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance of this Agreement by FT and the consummation by FT of the transactions contemplated hereby have been duly authorized and approved by all required corporate action.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to <u>Section&nbsp;12(d)</u>, the execution, delivery and performance by FT of this Agreement, and the consummation by FT of the transactions contemplated hereby, do not and will not require any consent, approval, authorization or permit of, action by, filing with or notification to, any governmental entity other than, if any Fintech Party is at any time required to file beneficial ownership reports on Schedule 13D pursuant to the Securities Exchange Act of 1934, the filing of Schedule 13D or an amendment thereto describing the transaction contemplated hereby and including a copy of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance by FT of this Agreement do not and will not (i)&nbsp;conflict with or result in a breach of the terms, conditions or provisions of, (ii)&nbsp;constitute a default under (whether with or without the passage of time, the giving of notice or both), or (iii)&nbsp;give any third party the right to modify, terminate or accelerate any material obligation under, in any such case, any law, the organizational documents of FT, or any material agreement, instrument, order, judgment or decree to which FT or its assets are subject, except, in each case, as would not reasonably be expected, individually or in the aggregate, to prevent or delay the performance by FT of its obligations hereunder or the consummation of the transactions contemplated hereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of July&nbsp;7, 2017, FT owns 100% of the share capital of Sofora and directly and indirectly owns 20.35% of the total class B shares of common stock of TEO, in each case free and clear of any Encumbrances. From July&nbsp;7, 2017 until the expiration of the Call Option Period, FT&#146;s assets shall consist solely of any of (i)&nbsp;shares of Sofora, (ii)&nbsp;NTL Preferred B Shares and (ii)&nbsp;TEO Securities, <u>provided</u> that the percentages enumerated in the first sentence may vary at FT&#146;s discretion.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There is no action or litigation pending, or, to the knowledge of FT, threatened, against or affecting FT that challenges the validity or enforceability of this Agreement, seeks to enjoin or prohibit consummation of, or seeks other material equitable relief with respect to, the transactions contemplated hereby&#160; or that would be reasonably expected to impair or delay FT&#146;s ability to consummate the transactions contemplated hereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">8<a name="PB_8_130717_7748"></a></p>
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<!-- SEQ.=1,FOLIO='8',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-01.htm',USER='C902558',CD='Jan  2 23:25 2018' -->

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither FT nor any of its respective directors, officers, employees, shareholders or agents have retained, employed or used any broker or finder in connection with the transactions contemplated by this Agreement or in connection with the negotiation thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and Warranties of FIA</u>.&#160; As of July&nbsp;7, 2017 and as of the Call Option Closing Date, FIA represents and warrants to CVH:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>FIA is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all required corporate power and authority to execute and deliver this Agreement and the Pledge Agreement, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated herein and thereby. This Agreement and the Pledge Agreement have been duly executed and delivered by FM and constitute the legal, valid and binding obligations of FIA enforceable against FIA in accordance with their terms, subject to the Bankruptcy Exceptions.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance of this Agreement and the Pledge Agreement by FIA and the consummation by FIA of the transactions contemplated hereby and thereby have been duly authorized and approved by all required corporate action.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as otherwise provided under this Agreement, all of the VLG Membership Interests are owned of record and beneficially, either directly or indirectly, by FIA, free and clear of any Encumbrances, other than any Encumbrance arising out of the Pledge Agreement or that will be released prior to the transfer of the VLG Membership Interests pursuant to this Agreement, and are duly and validly authorized and issued. If pursuant to the VLG Delivery Option, CVH receives the VLG Membership Interest upon exercise of the Call Option then, upon payment of the Exercise Price by CVH as provided in this Agreement, CVH will acquire valid title to the VLG Membership Interests free and clear of all Encumbrances. Except as otherwise provided under the Pledge Agreement, the CV Shareholders&#146; Agreement, the VLG LLC Operating Agreement and the TEO Shareholders&#146; Agreement, there are no agreements or understandings in effect with respect to the transfer of the VLG Membership Interests.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:74.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to <u>Section&nbsp;12(d)</u>, the execution, delivery and performance by FIA of this Agreement and Pledge Agreement, and the consummation by FIA of the transactions contemplated hereby and thereby, do not and will not require any consent, approval, authorization or permit of, action by, filing with or notification to, any governmental entity other than, if any Fintech Party is at any time required to file beneficial ownership reports on Schedule 13D pursuant to the Securities Exchange Act of 1934, the filing of Schedule 13D or an amendment thereto describing the transaction contemplated hereby and including a copy of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance by FIA of this Agreement and the Pledge Agreement and the transfer of VLG Membership Interests hereunder do not and will not (i)&nbsp;conflict with or result in a breach of the terms, conditions or provisions of, (ii)&nbsp;constitute a default under (whether with or without the passage of time, the giving of notice or both), or (iii)&nbsp;give any third party the right to modify, terminate or accelerate any material obligation under, in any such case, any law, the organizational documents of FIA, or any material</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">9<a name="PB_9_130725_141"></a></p>
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<!-- SEQ.=1,FOLIO='9',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-01.htm',USER='C902558',CD='Jan  2 23:25 2018' -->

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">agreement, instrument, order, judgment or decree to which FIA or its respective assets are subject except, in each case, as would not reasonably be expected, individually or in the aggregate, to prevent or delay the performance by FIA of its obligations hereunder or the consummation of the transactions contemplated hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There is no action or litigation pending, or, to the knowledge of FIA, threatened, against or affecting FIA that challenges the validity or enforceability of this Agreement or the Pledge Agreement, seeks to enjoin or prohibit consummation of, or seeks other material equitable relief with respect to, the transactions contemplated by hereby or thereby or that would be reasonably expected to impair or delay FIA&#146;s ability to consummate the transactions contemplated by hereby or thereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither FIA nor any of its respective directors, officers, employees, shareholders or agents have retained, employed or used any broker or finder in connection with the transactions contemplated by this Agreement or in connection with the negotiation thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and Warranties of Fintech Advisory</u>.&#160; As of July&nbsp;7, 2017&#160; and as of the Call Option Closing Date, Fintech Advisory represents and warrants to CVH that:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fintech Advisory is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all required corporate power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated herein. This Agreement has been duly executed and delivered by Fintech Advisory and constitutes the legal, valid and binding obligation of Fintech Advisory enforceable against Fintech Advisory in accordance with its terms, subject to the Bankruptcy Exceptions.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance of this Agreement by Fintech Advisory and the consummation by Fintech Advisory of the transactions contemplated hereby have been duly authorized and approved by all required corporate action.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as otherwise provided under this Agreement, all of the FT Membership Interests are owned of record and beneficially, either directly or indirectly, by Fintech Advisory, free and clear of any Encumbrances (other than Encumbrances that will be discharged prior to the Call Option Closing Date) and are duly and validly authorized and issued.&#160; If pursuant to <u>Section&nbsp;5</u> CVH receives the FT Membership Interests upon exercise of the Call Option then, upon payment of the Exercise Price by CVH as provided in this Agreement, CVH will acquire valid title to the FT Membership Interests free and clear of all Encumbrances. There are no agreements or understandings in effect with respect to the transfer of the FT Membership Interests.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance by Fintech Advisory of this Agreement, and the consummation by Fintech Advisory of the transactions contemplated hereby, do not and will not require any consent, approval, authorization or permit of, action by, filing with or notification to, any governmental entity other than, if any Fintech Party is at any time required to file beneficial ownership reports on Schedule 13D pursuant to the Securities</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="PB_10_130735_7608"></a></p>
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<!-- SEQ.=1,FOLIO='10',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-01.htm',USER='C902558',CD='Jan  2 23:25 2018' -->


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<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exchange Act of 1934, the filing of Schedule 13D or an amendment thereto describing the transaction contemplated hereby and including a copy of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance by Fintech Advisory of this Agreement and the transfer of the FT Membership Interests do not and will not (i)&nbsp;conflict with or result in a breach of the terms, conditions or provisions of, (ii)&nbsp;constitute a default under (whether with or without the passage of time, the giving of notice or both), or (iii)&nbsp;give any third party the right to modify, terminate or accelerate any material obligation under, in any such case, any law, the organizational documents of Fintech Advisory or FT, or any material agreement, instrument, order, judgment or decree to which Fintech Advisory or FT or their respective assets are subject, except, in each case, as would not reasonably be expected, individually or in the aggregate, to prevent or delay the performance by Fintech Advisory of its obligations hereunder or the consummation of the transactions contemplated hereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There is no action or litigation pending, or, to the knowledge of Fintech Advisory, threatened, against or affecting Fintech Advisory that challenges the validity or enforceability of this Agreement, seeks to enjoin or prohibit consummation of, or seeks other material equitable relief with respect to, the transactions contemplated hereby&#160; or that would be reasonably expected to impair or delay Fintech Advisory&#146;s ability to consummate the transactions contemplated hereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither Fintech Advisory nor any of its respective directors, officers, employees, shareholders or agents have retained, employed or used any broker or finder in connection with the transactions contemplated by this Agreement or in connection with the negotiation thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and Warranties of CVH</u>.&#160; As of July&nbsp;7, 2017 and as of the Call Option Closing Date, CVH represents and warrants to each Fintech Party:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH is a company duly organized, validly existing and in good standing under the laws of the Argentina and has all required corporate power and authority to execute and deliver this Agreement and the Pledge Agreement, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby.&#160; This Agreement and the Pledge Agreement have been duly executed and delivered by CVH and constitute the legal, valid and binding agreement of CVH enforceable against CVH in accordance with their terms, subject to the Bankruptcy Exception.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance of this Agreement and the Pledge Agreement by CVH and the consummation by CVH of the transactions contemplated hereby and thereby have been duly authorized and approved by all required corporate action.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance by CVH of this Agreement and the Pledge Agreement do not and will not (i)&nbsp;conflict with or result in a breach of the terms, conditions or provisions of, (ii)&nbsp;constitute a default under (whether with or without the passage of time, the giving of notice or both), or (iii)&nbsp;give any third party the right to modify, terminate or accelerate any material obligation under, in any such case, any law, the organizational documents of CVH, or any material agreement, instrument, order, judgment or decree to which CVH or its</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">11<a name="PB_11_131039_1584"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">assets are subject, except, in each case, as would not reasonably be expected, individually or in the aggregate, to prevent or delay the performance by CVH of its obligations hereunder or the consummation of the transactions contemplated hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There is no action or litigation pending, or, to the knowledge of CVH, threatened, against or affecting CVH that challenges the validity or enforceability of this Agreement, seeks to enjoin or prohibit consummation of, or seeks other material equitable relief with respect to, the transactions contemplated hereby&#160; or that would be reasonably expected to impair or delay CVH&#146;s ability to consummate the transactions contemplated hereby</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The execution, delivery and performance by CVH of this Agreement and the Pledge Agreement, and the consummation by CVH of the transactions contemplated hereby and thereby, do not and will not require any consent, approval, authorization or permit of, action by, filing with or notification to, any governmental entity.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither CVH nor any of its respective directors, officers, employees, shareholders or agents have retained, employed or used any broker or finder in connection with the transactions contemplated by this Agreement or in connection with the negotiation thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Covenants and Undertakings</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Regulatory Approvals</u>.&#160; CVH and the Fintech Parties, as applicable, shall not, and shall cause their respective representatives and attorneys-in-fact not to, take any action that would contravene applicable law in connection with this Agreement or the transactions contemplated hereby. Without limiting the foregoing, each of the parties hereto agrees in connection with the transactions contemplated hereby not to offer or give on behalf of itself or any of its affiliates, either directly or through any other person, any money or anything else of value to any government official, including any official of a governmental entity, any member of the government, any political party or official thereof, or any candidate for political office (each, an &#147;<u>Official</u>&#148;), or any other person while knowing or having reason to know that all or a portion of such money or thing of value may be offered given or promised, directly or indirectly to any Official for the purpose of any of the following:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;influencing any act, omission or decision of such Official in his, her or its official capacity;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;inducing such Official to do or to omit to do any act in violation of the lawful duty of such Official;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;inducing such Official to use his, her or its influence with any governmental entity to affect or influence any act or decision of such governmental entity in order to assist itself or any of its affiliates in obtaining or retaining business for or with, or directing business to, any Person; or</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;otherwise securing any improper or unlawful advantage for the itself or any of its affiliates.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">12<a name="PB_12_131051_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Taxes</u>.&#160; Each of CVH and the Fintech Parties shall be responsible for their own present or future taxes or other similar related charges now or hereafter imposed, levied, collected, withheld or assessed by any governmental entity by reason of the execution, delivery and performance of this Agreement and the Pledge Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Dispositions and Encumbrances</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth in this Agreement and for any Encumbrance released prior to the transfer of the FT Membership Interests pursuant to this Agreement, Fintech Advisory shall not directly or indirectly, sell, transfer or otherwise dispose of, or pledge, or create, incur, assume or suffer to exist, any Encumbrance on the FT Membership Interests. Except as set forth in this Agreement and the Pledge Agreement and for any Encumbrance released prior to the transfer of the VLG Membership Interests pursuant to this Agreement, FIA shall not directly or indirectly, sell, transfer or otherwise dispose of, or pledge, or create, incur, assume or suffer to exist, any Encumbrance on the VLG Membership Interests. Except as set forth in this Agreement and for any Encumbrance released prior to the transfer of the Spinco Interests pursuant to this Agreement, FT shall not directly or indirectly, sell, transfer or otherwise dispose of, or pledge, or create, incur, assume or suffer to exist, any Encumbrance on the Spinco Interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver.</u>&#160; Each of CVH and the Fintech Parties agree to waive and hereby waive any and all rights they may have under the TEO Shareholders&#146; Agreement, the CV Shareholders&#146; Agreement and the VLG LLC Operating Agreement in connection with the transaction contemplated hereby and under the Pledge Agreement to the extent that (A)&nbsp;such rights may prevent, delay or hinder the execution, delivery or performance of this Agreement or in any other way negatively affect the transactions contemplated hereby or (B)&nbsp;the violation of which rights would result in this Agreement being null and void.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:78.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cooperation</u>.&#160; The parties hereto will take all actions as may be reasonably necessary to consummate the transactions contemplated by this Agreement, including, without limitation entering into such agreements and delivering such certificates and instruments and consents as may be deemed necessary or appropriate to effect the transactions contemplated by this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Further Assurances</u>.&#160; Subject to the terms and conditions herein provided, each of the parties agrees hereto to take all reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws to perform its obligations hereunder and to consummate and make effective the transactions contemplated by this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conditions Precedent</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The respective obligations of each party to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction (or waiver by CVH and the Fintech Parties), at or prior to the Call Option Closing, of each of the following conditions:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall deliver to Fintech Advisory written notice in the form of <u>Exhibit&nbsp;B</u> (with blanks appropriately completed) (the &#147;<u>Exercise Notice</u>&#148;) at least six (6)&nbsp;days prior to the date on which CVH wishes to exercise the Call Option; and</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">13<a name="PB_13_131057_7091"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no preliminary or permanent injunction or other order against or law or regulation prohibiting the purchase or delivery of the Deliverable Securities, as applicable, issued by any court of competent jurisdiction or other governmental authority shall be in effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The obligations of CVH to consummate the transactions contemplated by this Agreement shall be subject to the satisfaction, or waiver by CVH, of each of the following conditions at or prior to the Call Option Closing:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>each of the representations and warranties of FT set forth in <u>Section&nbsp;8,</u> each of the representations and warranties of FIA set forth in <u>Section&nbsp;9</u> and each of the representations and warranties of Fintech Advisory set forth in <u>Section&nbsp;10</u> shall be true and correct in all respects as of July&nbsp;7, 2017 and as of the Call Option Closing Date with the same force and effect as if made on and as of the Call Option Closing Date;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Fintech Parties shall have performed and complied with each of the agreements and covenants required to be performed or complied with by each of them on or prior to the Call Option Closing Date; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall have received a certificate, dated the Call Option Closing Date and signed by a duly authorized officer or manager of each of the Fintech Parties, stating on behalf of each of the Fintech Parties that each of the conditions set forth in <u>Section&nbsp;13(b)(i)&nbsp;</u>and <u>Section&nbsp;13(b)(ii),</u> respectively, have been satisfied.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The obligations of the Fintech Parties to consummate the transactions contemplated by this Agreement and the Pledge Agreement shall be subject to the satisfaction, or waiver by each of the Fintech Parties, of each of the following conditions at or prior to the Call Option Closing:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each of the representations and warranties of CVH set forth in <u>Section&nbsp;11</u> shall be true and correct in all respects as of July&nbsp;7, 2017 and as of the Call Option Closing Date with the same force and effect as if made on and as of the Call Option Closing Date;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall have performed and complied with each of the agreements and covenants required to be performed or complied with by it on or prior to the Call Option Closing Date, and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:94.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Fintech Parties shall have received a certificate, dated the Option Closing Date and signed by a duly authorized officer of CVH, stating on behalf of CVH that each of the conditions set forth in <u>Section&nbsp;13(c)(i)&nbsp;</u>and <u>Section&nbsp;13(c)(ii)&nbsp;</u>have been satisfied.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14. <u>Indemnification</u>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each of the representations and warranties set forth in this Agreement and in the Pledge Agreement shall survive the Call Option Closing and the consummation of the transactions contemplated hereby and shall expire on the date that is one (1)&nbsp;year after the Call Option Closing Date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">14<a name="PB_14_131109_455"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the terms and conditions of this <u>Section&nbsp;14</u>, from and after the Call Option Closing Date, the Fintech Parties shall jointly and severally indemnify, defend and hold harmless CVH and its respective representatives, successors and permitted assigns (collectively, the &#147;<u>CVH Indemnitees</u>&#148;) from and against and shall pay and reimburse CVH for any and all losses incurred or sustained by, or imposed upon, the CVH Indemnitees, resulting from or arising out of any inaccuracy in or breach of any representation or warranty or the breach of any covenant, agreement or obligation to be performed by any of the Fintech Parties contained in this Agreement and the Pledge Agreement, as of the date such representation or warranty was made or as of the Call Option Closing Date with the same force and effect as if made on and as of the Call Option Closing Date subject to a maximum amount of US$634,275,282; <u>provided</u> that the indemnity herein shall not extend to claims against CVH by any transferee of the Deliverable Securities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the terms and conditions of this <u>Section&nbsp;14</u>, from and after the Call Option Closing Date, CVH shall indemnify, defend and hold harmless each of the Fintech Parties and their respective representatives, successors and permitted assigns (collectively, the &#147;<u>FT Indemnitees</u>&#148;) from and against and shall pay and reimburse the relevant Fintech Party for any and all losses incurred or sustained by, or imposed upon, the FT Indemnitees, resulting from or arising out of any inaccuracy in or breach of any representation or warranty or the breach of any covenant, agreement or obligation to be performed by CVH contained in this Agreement, as of the date such representation or warranty was made or as of the Call Option Closing Date with the same force and effect as if made on and as of the Call Option Closing Date subject to a maximum amount of US$634,275,282.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.&#160; If any provision of this Agreement or the application of any provision hereof to any party hereto or set of circumstances is held invalid, the remainder of this Agreement and the application of such provision to the other party or set of circumstances shall not be affected unless the provision held invalid shall substantially impair the benefits of the remaining portion of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors; Assignment</u>.&#160; Except as set forth in this <u>Section&nbsp;16</u>, this Agreement and the rights of a party hereunder may not be assigned, and the obligations of a party hereunder may not be delegated, in whole or in part by either party without the other party&#146;s prior consent.&#160; Any assignment made in violation of this Agreement shall be null and void. CVH may assign this Agreement and/or the Pledge Agreement without the prior consent of the Fintech Parties at any time to any third party only in connection with and pursuant to the Financing. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment</u>.&#160; No amendment, modification or alteration of the terms or provisions of this Agreement shall be binding unless the same shall be in writing and duly executed by the authorized representatives of the Parties hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.&#160; The headings contained in this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect in any way the interpretation hereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="PB_15_131141_4141"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.&#160; Any notice, request, instruction or other document to be given hereunder by any party hereto to any other party hereto shall be in writing and delivered personally or by electronic mail or sent by registered or certified mail or by any express mail service,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to CVH, to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A.<br> Tacuari 1846, 4to. </font>Piso<br> Ciudad de Buenos Aires (1139)<br> Argentina</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>aleu@grupoclarin.com<br> <font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>sbardengo@grupoclarin.com<br> Attention:<font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Alejandro Urricelqui<br> <font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Sebastian Bardengo</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">if to any Fintech Party, to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Media, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Fintech Advisory Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">375 Park Avenue 38th Floor,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10152</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail: mcl@fintechadv.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: General Counsel</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or at such other address or number for a party as shall be specified by like notice.&#160; Any notice which is delivered personally or by telecopy transmission or by registered or certified mail or courier shall be deemed to have been duly given to the party to whom it is directed upon actual receipt by such party.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Submission to Jurisdiction; Waiver of Jury Trial; Etc</u>.&#160; Each of the parties irrevocably and unconditionally submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the borough of Manhattan in the City of New York, or if such court does not have jurisdiction, the Supreme Court of the State of New York, New York County, for the purposes of any suit, action or other proceeding arising out of this Agreement or any transaction contemplated hereby.&#160; Each of the parties irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any litigation or proceeding arising out of this Agreement or the transactions contemplated hereby.&#160; Each of the parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement or any transaction contemplated hereby or thereby in (a)&nbsp;the United States District Court for the Southern District of New York or (b)&nbsp;the Supreme Court of the State of New York, New York County, and hereby further irrevocably and unconditionally (i)&nbsp;waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such litigation or proceeding, any claim that it is not personally subject to the jurisdiction of the aforesaid courts for any reason other than the failure to serve process in accordance with this Section&nbsp;21, that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and to the fullest extent permitted by law, that the litigation in any such court is brought in an inconvenient forum and (ii)&nbsp;agrees not to commence any action, claim, cause of action or suit, in contract, tort or otherwise arising out of this Agreement and the transactions contemplated hereby and thereby other than in (A)&nbsp;the United States District Court for the Southern District of New York or (B)&nbsp;the Supreme Court of the State of New York, New York County.&#160; The parties intend that any judgment of either such court shall be enforceable in all other jurisdictions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Interpretation.</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each party hereto represents that, in the negotiation and drafting of this Agreement, such party has been represented by and relied upon the advice of counsel of such party&#146;s choice.&#160; Each such party affirms that such party&#146;s counsel has had a substantial role in the drafting and negotiation of this Agreement.&#160; Therefore, each such party agrees that the rule&nbsp;of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any related document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Specific Performance</u>.&#160; CVH shall be entitled to compel specific performance of this Agreement and to seek other applicable equitable relief in the event of any breach or threatened breach of this Agreement by either Fintech Party, and each Fintech Party hereby waives for such purposes the defense of adequate remedy at law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Third-Party Beneficiaries</u>.&#160; Except as otherwise specifically provided herein, nothing in this Agreement is intended to confer upon any person other than the parties hereto any rights or remedies.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Waiver of Rights</u>.&#160; No waiver of or delay or omission in the exercise of any right, power or remedy herein provided or otherwise available to the parties, their respective successors and permitted assigns shall impair, affect or be construed as a waiver of their respective rights thereafter to exercise the same.&#160; Any single or partial exercise by the parties, their respective successors and permitted assigns of any right hereunder shall not preclude any other or further exercise of any other right.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterparts</u>.&#160; This Agreement may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all of which together shall constitute one and the same document. This Agreement shall be binding upon a party hereto only upon the manual execution and delivery (which delivery may be by telecopy or facsimile or electronic mail) of a signature page&nbsp;to a counterpart hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="PB_17_131218_7906"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;A</font></b></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF </font></b><b>PLEDGE AGREEMENT</b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PLEDGE AGREEMENT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PLEDGE AGREEMENT (this &#147;<u>Agreement</u>&#148;) dated as of </font>[&#149;], 2017, is entered into between Fintech Media, LLC, a limited liability company organized and existing under the laws of the State of Delaware (&#147;<u>Pledgor</u>&#148;), and Cablevisi&#243;n Holding S.A., a company organized and existing under the laws of Argentina (the &#147;<u>Secured Party</u>&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">R E C I T A L S</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, on the date hereof, Pledgor is the direct owner of 50% of VLG Argentina, LLC, a limited liability company organized and existing under the laws of the State of Delaware (&#147;<u>VLG</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Fintech Telecom, LLC, a limited liability company organized and existing under the laws of the State of Delaware (&#147;<u>FT</u>&#148;), is the direct controlling shareholder of Sofora Telecomunicaciones S.A., (&#147;<u>Sofora</u>&#148;), Sofora is the controlling shareholder of Nortel Inversora S.A. (&#147;<u>Nortel</u>&#148;), Nortel is the controlling shareholder of Telecom Argentina S.A. (&#147;<u>TEO</u>&#148;), and TEO is the controlling shareholder of Telecom Personal S.A. (&#147;<u>Personal</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Sofora, Nortel, TEO, and Personal have entered into a preliminary reorganization agreement (<i>Compromiso Previo de Fusi&#243;n</i>), dated March&nbsp;31, 2017, pursuant to which Sofora, Nortel and Personal will be merged into TEO, which will be the surviving entity, and Sofora, Nortel and Personal will be dissolved without liquidation and all of their respective assets and liabilities will be transferred to TEO in accordance with Argentine corporate law and the terms of the preliminary reorganization agreement (the &#147;<u>Reorganization</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Cablevisi&#243;n S.A., a company organized and existing under the laws of Argentina (&#147;<u>Cablevisi&#243;n</u>&#148;), and TEO have entered into a preliminary merger agreement (<i>Compromiso Previo de Fusi&#243;n</i>) dated June&nbsp;30, 2017 (the &#147;<u>Preliminary Merger Agreement</u>&#148;) pursuant to which Cablevisi&#243;n will be merged into TEO, following which TEO will be the surviving entity and Cablevisi&#243;n will be dissolved without liquidation and all of its assets and liabilities transferred to TEO, as applicable, in accordance with Argentine corporate law and the terms of the Preliminary Merger Agreement (the &#147;<u>Merger</u>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in furtherance of the Merger, Pledgor, FT, Fintech Advisory Inc., a corporation organized and existing under the laws of the State of Delaware (&#147;<u>Fintech Advisory</u>&#148;) and Secured Party entered into that certain Call Option Agreement, dated as of July&nbsp;7, 2017 (as may be amended, restated or otherwise modified from time to time, the &#147;<u>Call Option Agreement</u>&#148;) pursuant to which Fintech Advisory has committed to sell to CVH membership interests of FT on the terms and subject to the conditions set forth in the Call Option Agreement including, among other things, the execution and delivery by Pledgor of a pledge agreement in the form hereof granting a security interest in the Collateral (as defined below) to Secured Party to secure the Secured Obligations (as defined below);</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth in the Call Option Agreement and in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capitalized terms used in this Agreement and not otherwise defined herein will have the meanings assigned to them in the Call Option Agreement.&#160; As used in this Agreement, the following terms have the respective meanings set forth below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; means any day other than (i)&nbsp;a Saturday or Sunday, or (ii)&nbsp;a day on which banks in New York City, New York, United States of America and Buenos Aires, Argentina are authorized or required by law to close.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CV Shareholders&#146; Agreement</u>&#148; means the Amended and Restated Shareholders&#146; Agreement relating to Cablevisi&#243;n dated as of May&nbsp;4, 2017 among VLG, CVH, FT, FIA, Fintech Advisory and Cablevisi&#243;n.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Collateral</u>&#148; has the meaning assigned to such term in Section&nbsp;2.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Encumbrance</u>&#148; means any charge, claim, adverse interest, community property interest, pledge, hypothecation, condition, equitable interest, Encumbrance (statutory or other), option, security interest, mortgage, deed of trust, encumbrance, easement, encroachment, license, sublicense, right of way, right of first refusal, or restriction of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Event of Default</u>&#148; means the failure of Pledgor to perform or satisfy in full (a)&nbsp;any of </font>its obligations contemplated in clause (a)&nbsp;of the definition of Secured Obligations when due, and (b)&nbsp;any material obligations of Pledgor under this Agreement if such failure continues for a period of thirty (30) days after Secured Party delivers to Pledgor written notice of such default.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Operating Agreement</u>&#148; means the Fourth Amended and Restated Limited Liability Company Agreement of VLG Argentina, LLC, dated as of May&nbsp;4, 2017 (</font>as amended).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; means any individual, corporation, partnership, limited liability company, joint venture, trust, unincorporated association, government or any political subdivision department or agency of any government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Pledged Interests</u>&#148; means [</font><font face="Symbol">&#183;</font>]% of the membership interests of VLG owned directly by Pledgor.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Secured Obligations</u>&#148; means (a)&nbsp;following the payment of an amount equal to at least the Advance Deposit or the exercise of the Call Option and subject to the satisfaction of the conditions precedent set forth in Section&nbsp;13 of the Call Option Agreement, the due and punctual performance, when and as due, of Fintech Advisory&#146;s obligation</font>s to deliver the FT Membership Interests or the Spinco Interests or Pledgor&#146;s obligation to deliver the VLG Membership Interests,</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as applicable, </font>to Secured Party pursuant to the Call Option Agreement and (b)&nbsp;all obligations of Pledgor under this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Securities Act</u>&#148; means the Securities Act of 1933, as in effect from time to time in the United States of America.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>UCC</u>&#148; means the Uniform Commercial Code as in effect from time to time in the State of New York; <u>provided</u>, <u>however</u>, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of Secured Party&#146;s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term &#147;UCC&#148; shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>The Pledge</u>.&#160; As collateral security for the prompt payment and performance in full when due of the Secured Obligations, Pledgor hereby grants to Secured Party a security interest in all of Pledgor&#146;s right, title and interest in the following property, whether now owned by Pledgor or hereafter acquired and whether now existing or hereafter coming into existence (all being collectively referred to in this Agreement as &#147;<u>Collateral</u>&#148;):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Pledged Interests and the certificates, if any, representing the Pledged&#160; Interests;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all property (including equity interests issued by VLG) from time to time received, receivable or otherwise distributed in exchange for any and all of the Pledged Interests (including, without limitation, all shares, securities, options, warrants, interests, participations, or other equivalents regardless of how remote);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all rights, privileges, authority and power arising from Pledgor&#146;s ownership of its Pledged Interests, including all of the Pledgor&#146;s rights under the Operating Agreement, or otherwise to exercise and enforce every right, power, remedy, authority, option and privilege, or to give or receive any notice, consent, amendment, waiver or approval, on behalf of the Pledgor relating to the Pledged Interests or the Issuer;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all dividends, distributions, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or exchange for any and all of the Pledged Interests and other Collateral (including, without limitation, all shares, securities, options, warrants, interests, participations, or other equivalents regardless of how remote), other than dividends, distributions or other proceeds in the form of cash in respect of the Pledged Interests received by Pledgor while no Event of Default has occurred and is continuing; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all cash and non-cash Proceeds (as defined in the UCC) of any and all of the foregoing.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">21<a name="PB_21_111726_3020"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Collateral Delivery, Perfection; Maintenance and Administration</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of the date hereof, Pledgor shall have delivered, or cause to be delivered, to Secured Party, certificates evidencing the Pledged Interest accompanied by undated powers, in the form attached hereto as Exhibit&nbsp;A, duly executed by Pledgor in blank. Secured Party will have the right at any time to exchange certificates or instruments representing or evidencing the Pledged Interests for certificates or instruments of smaller or larger denominations;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As of the date hereof, Pledgor shall file (and authorizes Secured Party to file) UCC financing statements (including amendments and continuations) in any filing office(s), deemed necessary by Secured Party, naming the Pledgor as the debtor and Secured Party as secured party, which describes the Collateral specifically and contains any other information the Secured Party deems necessary to comply with the UCC or other applicable law for perfection of the security interest in the Collateral; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the occurrence and during the continuation of an Event of Default, Secured Party will have the right (in its sole and absolute discretion and without notice to Pledgor) to transfer to or to register on the books of VLG (or of any other Person maintaining records with respect to the Collateral) in the name of Secured Party or any of its nominees any or all of the Collateral.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Voting Rights and Dividends</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unless and until an Event of Default will have occurred and is continuing:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor will be entitled to exercise any and all voting rights and/or other consensual rights and powers inuring to an owner of Pledged Interests or any part thereof for any purpose consistent with the terms of this Agreement, the CV Shareholders&#146; Agreement and the Operating Agreement; <u>provided</u>, <u>however</u>, that Pledgor will not be entitled to exercise any such right if the result thereof would materially and adversely affect the rights inuring to a holder of the Pledged Interests or the rights and remedies of Secured Party under this Agreement, the CV Shareholders&#146; Agreement, the Operating Agreement or the Call Option Agreement or would reasonably be expected to have a material adverse effect on the value of the Pledged Interests or Secured Party&#146;s interest therein;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor will be entitled to receive and retain any and all cash dividends paid on the Pledged Interests (except cash dividends paid or payable in respect of the total or partial liquidation of an issuer) to the extent not prohibited or limited by the Operating Agreement, the CV Shareholders&#146; Agreement or the Call Option Agreement; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Secured Party will execute and deliver to Pledgor, or cause to be executed and delivered to Pledgor, all such proxies, powers of attorney and other instruments as Pledgor may request for the purpose of enabling Pledgor to exercise any voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i)&nbsp;above and to receive the cash dividends it is entitled to receive pursuant to</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">22<a name="PB_22_111726_7748"></a></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">paragraph (a)(ii)&nbsp;above, as soon as reasonably practicable after receipt of a written request from Pledgor, which power of attorney shall remain effective until the earlier to occur of (A)&nbsp;the occurrence and continuation of an Event of Default and (B)&nbsp;the termination of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the occurrence and during the continuation of an Event of Default:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All rights of Pledgor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i)&nbsp;above, and the obligations of Secured Party under paragraph (a)(iii)&nbsp;above, will cease, and all such rights will thereon become vested in Secured Party, which will have sole and exclusive right and authority to exercise such voting and consensual rights and powers;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All rights of Pledgor to dividends or other payments pursuant to paragraph (a)(ii)&nbsp;above will cease, and all such rights will thereupon become vested in Secured Party, which will have the sole and exclusive right and authority to receive and retain such dividends or other payments and any such amounts will be applied in accordance with the provisions hereof; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor will promptly execute and deliver to Secured Party, or cause to be executed and delivered to Secured Party, all such proxies, powers of attorney and other instruments as Secured Party may request for the purpose of enabling Secured Party to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to paragraph (b)(i)&nbsp;above and to receive the cash dividends it is entitled to receive pursuant to paragraph (b)(ii)&nbsp;above.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All dividends or other payments received by Pledgor not otherwise addressed by the provisions of this Section&nbsp;4 will be held in trust for the benefit of Secured Party subject to the security interest of this Agreement, will be segregated from other property or funds of Pledgor and will be forthwith delivered to Secured Party upon demand in the same form as so received (with any necessary endorsement).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations and Warranties</u>.&#160; Pledgor represents and warrants to Secured Party as of the date hereof:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Duly Organized</u>.&#160; Pledgor has been duly organized and is validly existing and in good standing under the laws of the jurisdiction of its organization, with power and authority to execute, deliver and perform its obligations under this Agreement, including all documents executed in connection herewith.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Power; Authority; Consent</u>.&#160; Pledgor has the power and authority to grant a security interest in the Collateral in the manner hereby done or contemplated and will defend its title or interest thereto or therein against any and all Encumbrances (other than the security interest granted by this Agreement or any other security interests granted in accordance with the terms of the CV Shareholders&#146; Agreement and the Operating Agreement), however arising, of all Persons whomsoever.&#160; Subject to the provisions of Section&nbsp;12(d)&nbsp;of the Call Option Agreement, no consent of any other Person (including members or creditors of Pledgor), and no consent or</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">23<a name="PB_23_111726_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">approval of any governmental authority or any shares exchange was or is necessary for the pledge effected hereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Litigation</u>.&#160; No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to its knowledge threatened, against Pledgor or any of its properties with respect to this Agreement which, if decided adversely, would have a reasonable likelihood of resulting in a material adverse effect on the transactions contemplated by this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Pledgor&#146;s Name, Legal Status and Location</u>.&#160; (i)&nbsp;Pledgor&#146;s exact legal name is that indicated in the introductory statement to this Agreement and is the exact name as it appears in Pledgor&#146;s organizational documents as filed with Pledgor&#146;s jurisdiction of organization and on the signature page&nbsp;hereof, and (ii)&nbsp;Pledgor is an organization of the type and is organized solely in the jurisdiction set forth in the introductory statement to this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ownership and Encumbrances</u>.&#160; Except for the security interest granted hereunder or any Encumbrance that will be released prior to the transfer of the VLG Membership Interests pursuant to the Call Option Agreement, Pledgor (i)&nbsp;is the sole legal and beneficial owner of the Collateral, (ii)&nbsp;holds the same free and clear of all Encumbrances, and (iii)&nbsp;will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Encumbrance on, the Collateral.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Interests</u>.&#160; Pledgor will not amend or modify Section&nbsp;3.02(e)&nbsp;of the Operating Agreement, or permit VLG from amending or modifying the Operating Agreement in a manner such that the terms of the Operating Agreement do not expressly provide that the Pledged Interests are securities governed by Article&nbsp;8 of the Delaware Uniform Commercial Code.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Perfection</u>.&#160; By virtue of the execution and delivery by Pledgor of this Agreement, (i)&nbsp;with respect to the Pledged Interests, when the certificates, if any, evidencing the Pledged Interests are delivered to Secured Party in accordance with this Agreement, and (ii)&nbsp;with respect to all Collateral that may be perfected by filing a financing statement pursuant to the UCC, when a UCC financing statement indicating the Collateral has been filed in the offices of the Secretary of State of Delaware (naming Pledgor as the debtor and Secured Party as Secured Party), Secured Party will have a valid and perfected first priority security interest in such Collateral as security for the payment and performance of the Secured Obligations.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Status of Pledged Interests</u>.&#160; The Pledged Interests are (i)&nbsp;duly authorized and validly existing, (ii)&nbsp;fully paid and nonassessable and (iii)&nbsp;not subject to any options to purchase or other similar rights or subject to any legal or contractual restriction, or any other applicable agreement, upon the pledge of the Pledged Interests hereunder, other than those arising under the Securities Act, CV Shareholders&#146; Agreement, the Operating Agreement or the Call Option Agreement.&#160; All information set forth herein relating to the Pledged Interests is accurate and complete in all material respects.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">24<a name="PB_24_111726_7608"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Further Assurances</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor agrees that from time to time, at the expense of Pledgor, Pledgor will promptly execute and deliver all further instruments and documents, and take all further action that may be necessary or reasonably desirable, or that Secured Party may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable Secured Party to exercise and enforce its rights and remedies hereunder with respect to any Collateral.&#160; Without limiting the generality of the foregoing, Pledgor will: (i)&nbsp;execute such instruments or notices, as may be necessary or reasonably desirable, or as Secured Party may request, in order to perfect and preserve the first priority security interests granted or purported to be granted hereby; and (ii)&nbsp;appear in and defend any action or proceeding that may affect Pledgor&#146;s title to or Secured Party&#146;s security interest in the Collateral.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor hereby authorizes Secured Party to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Covenants of Pledgor</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Change in Pledgor&#146;s Name, Legal Status and Location</u>.&#160; Pledgor agrees to furnish to Secured Party at least 10 days prior written notice of any of the following:&#160; (i)&nbsp;a change in Pledgor&#146;s legal name from that indicated in the introductory statement to this Agreement and in Pledgor&#146;s organizational documents as filed with Pledgor&#146;s jurisdiction of organization;&#160; (ii)&nbsp;a change in Pledgor&#146;s organizational legal entity designation from that indicated in the introductory statement to this Agreement; and (iii)&nbsp;a change in Pledgor&#146;s jurisdiction of organization from that indicated in the introductory statement to this Agreement.&#160; Pledgor agrees not to effect or permit any change referred to in the preceding sentence unless, within 10 days following any such change, all filings are, or will be, made under the Uniform Commercial Code or other applicable law that are required in order for Secured Party to continue at all times following such change to have a valid, legal and perfected, security interest in the Collateral.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Other Filings</u>.&#160; Without the prior written consent of Secured Party, Pledgor will not, after the date hereof, file or suffer to be on file, or authorize or permit to be filed or to be on file, in any jurisdiction, any financing statement or like instrument with respect to the Collateral in which Secured Party is not named as the sole secured party.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Remedies</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to the rights and remedies specified herein, Secured Party will have all of the rights and remedies of a secured party under the UCC (whether or not the UCC is in effect in the jurisdiction where the rights and remedies are asserted) and such additional rights and remedies to which a secured party is entitled under the laws in effect in any jurisdiction where any rights and remedies under this Agreement may be asserted; <u>provided</u>, <u>however</u>, in the event that Secured Party exercises the Call Option and sells the Collateral or any portion thereof to any Person other than a CVH Party (as such term is defined in the TEO Shareholders&#146; Agreement), the exercise of the rights and remedies specified herein is subject to the terms and</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">25<a name="PB_25_111726_8146"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">conditions of the Shareholders&#146; Agreement relating to TEO dated as of July&nbsp;7, 2017, among, <i>inter alia</i>, the Secured Party and the Pledgor (the &#147;<u>TEO Shareholders Agreement</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>At any time that an Event of Default has occurred and is continuing, Secured Party will be entitled to do any or all of the following (to the fullest extent permitted under the laws in effect in any jurisdiction where any right or remedy under this Agreement may be asserted), <u>provided</u> that, upon taking any such action, Secured Party will be deemed to have exercised the Call Option under the Call Option Agreement and shall pay the Exercise Price or the balance thereof (as adjusted in accordance with the Call Option Agreement) to Pledgor:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>reregister any or all of the Pledged Interests in the name of Secured Party, and Secured Party may thereafter exercise (A)&nbsp;any and all voting rights and other limited liability company powers, and other rights pertaining to the Pledged Interests and (B)&nbsp;any and all rights of conversion, exchange and subscription and other rights, privileges or options pertaining to the Pledged Interests, in each case as if it were the absolute owner thereof (including the right to exchange at its discretion any and all of the Pledged Interests upon the exercise by Pledgor or Secured Party of any right, privilege or option pertaining to such Pledged Interest, and in connection therewith the right to deposit and deliver any and all of the Pledged Interests or other Collateral with any committee, depositary, transfer agent, registrar or other designated agency upon such terms and conditions as it may determine), all without liability except to account for property actually received by it, but Secured Party shall have no duty to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if unable to exercise its rights conferred upon it under clause (i)&nbsp;above, proceed by a suit or suits at law or in equity to foreclose upon the Collateral pursuant to a judgment or decree of a court or courts having competent jurisdiction; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>otherwise act with respect to the Collateral or the proceeds thereof as though Secured Party were the outright owner thereof;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For the avoidance of doubt, in the event that the Spinco Delivery Option is elected and an Event of Default occurs, CVH shall be entitled to exercise any of the foregoing remedies in respect of the Collateral as if the VLG Delivery Option had been elected.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor further recognizes that, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws, Secured Party may be compelled, with respect to any sale of all or any part of the Collateral, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for investment and not with a view to the distribution or resale thereof.&#160; Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to Secured Party than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that any such private sale will be deemed to have been made in a commercially reasonable manner and that Secured Party will have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit VLG or issuer thereof to register it for public sale.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">26<a name="PB_26_111726_7091"></a></p>
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<!-- SEQ.=1,FOLIO='26',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-05.htm',USER='C902558',CD='Jan  2 23:28 2018' -->


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Secured Party will not be obligated to make any sale of any Collateral if it will determine not to do so, regardless of the fact that notice of sale of such Collateral will have been given.&#160; Secured Party may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Secured Party is hereby authorized to comply with any limitation or restriction in connection with any sale of Collateral as it may be advised by counsel is necessary in order to (i)&nbsp;avoid any violation of applicable law or (ii)&nbsp;obtain any required approval of the sale or of the purchase by any governmental authority, and Pledgor agrees that such compliance will not result in such sale being considered or deemed not to have been made in a commercially reasonable manner and that Secured Party will not be liable or accountable to Pledgor for any discount allowed by reason of the fact that such Collateral is sold in compliance with any such limitation or restriction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If Secured Party determines to exercise its right to exercise the Call Option or alternatively foreclose upon the Collateral pursuant to this Section&nbsp;8, Pledgor agrees that, upon request of Secured Party, Pledgor will, at its own expense:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>execute and deliver, or cause the officers, managers and/or directors of VLG to execute and deliver, to any Person or governmental authority as Secured Party may choose, any and all documents and writings which, in Secured Party&#146;s reasonable judgment, may be necessary or appropriate for approval, or be required by, any governmental authority located in any city, county, state or country where Pledgor or VLG engage in business, in order to transfer or to more effectively transfer the Collateral or otherwise enforce Secured Party&#146;s rights hereunder; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>do or cause to be done all such other acts and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Secured Party will not be required to provide to Pledgor prior notice of the time and place of any sale or other intended disposition of any of the Collateral with respect to any Collateral that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market or under any other circumstances where such notice is not required as a matter of applicable law.&#160; Where such notice is required as a matter of applicable law, Secured Party will give Pledgor not less than ten days&#146; prior notice of the time and place of any sale or other intended disposition of any of the Collateral and Pledgor agrees that such notice, where required, constitutes &#147;reasonable notification&#148; within the meaning of Article&nbsp;9 of the UCC.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor agrees that it will not at any time plead, claim or take the benefit of any appraisal, valuation, stay, extension, moratorium or redemption law now or hereafter in effect in order to prevent or delay the enforcement of this Agreement, or the absolute sale of the whole or any part of the Collateral or the possession thereof by any purchaser at any sale hereunder, and Pledgor waives the benefit of all such laws to the extent it lawfully may do so.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">27<a name="PB_27_134342_7137"></a></p>
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<!-- SEQ.=1,FOLIO='27',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-07.htm',USER='C902558',CD='Jan  2 23:29 2018' -->

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pledgor agrees that it will not interfere with any right, power and remedy of Secured Party provided for in this Agreement or existing at law or in equity or by statute or otherwise and will have no right to require Secured Party to marshal any part of the Collateral.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Attorney-in-Fact</u>.&#160; Pledgor hereby appoints Secured Party as Pledgor&#146;s attorney-in-fact, with full authority in the place and stead of Pledgor and in the name of Pledgor or otherwise, from time to time in Secured Party&#146;s discretion to take any action and to execute any instrument that is necessary or advisable to accomplish the purposes of this Agreement, including, without limitation, to complete any stock, bond or other power, to receive, endorse and collect all instruments made payable to Pledgor representing any dividend or other distribution in respect of the Pledged Interests or any part thereof and to give full discharge for the same.&#160; This appointment as attorney-in-fact is irrevocable until this Agreement has terminated.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reimbursement of Secured Party; Indemnification of Secured Party</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pledgor agrees to be liable to Secured Party for the amount of any and all reasonable and documented out-of-pocket expenses, including reasonable fees, other charges and disbursements of its counsel and of any experts or agents, incurred by Secured Party in connection with (i)&nbsp;the exercise or enforcement of any of the rights of Secured Party hereunder, or the sale of, collection from, or other realization upon, any of the Collateral in accordance with the terms hereof, or (ii)&nbsp;the failure by Pledgor to perform or observe any of the provisions hereof applicable to it; <u>provided</u>, <u>however</u>, that Pledgor shall not be liable for any expenses to the extent that such expenses are finally judicially determined to have resulted from Secured Party&#146;s bad faith or, breach of this Agreement or the Call Option Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Without limitation of its indemnification obligations under the Call Option Agreement, Pledgor agrees to indemnify Secured Party and any agents of Secured Party (each, an &#147;<u>Indemnitee</u>&#148; and together, the &#147;<u>Indemnitees</u>&#148;) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, other charges and disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby; <u>provided</u> that such indemnity will not be available to the extent that such losses, claims, damages, liabilities or related expenses result from the gross negligence or willful misconduct of such Indemnitee or in connection with the violations of the Act.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any amounts payable as provided hereunder will be additional Secured Obligations secured hereunder.&#160; The provisions of this Section&nbsp;10 will remain operative and in full force and effect regardless of the termination of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement, the CV Shareholders&#146; Agreement, the Operating Agreement or the Call Option Agreement or any investigation made</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">28<a name="PB_28_134407_7906"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by or on behalf of Secured Party.&#160; All amounts due under this Section&nbsp;10 will be payable upon written demand therefor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;11.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Responsibilities of Secured Party</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Other than the exercise of reasonable care in the custody and preservation of the Collateral, Secured Party will have no additional duties with respect to any Collateral, including with respect to any matter or proceedings arising out of or relating to the Collateral.&#160; Secured Party will be deemed to have exercised reasonable care in the custody and preservation of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which Secured Party accords its own property.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In exercising or refraining from exercising its rights hereunder, Secured Party will not be liable or responsible for any loss or damage to any of the Collateral, or for any diminution in the value thereof, by reason of the act or omission of any agent or bailee selected by Secured Party in good faith.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Secured Party may consult with legal counsel, and will be fully protected in taking, or omitting to take, any action in good faith reliance thereon.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither Secured Party nor any of its directors, officers, employees, agents or counsel will be liable for any action lawfully taken or omitted to be taken by it or them hereunder or in connection herewith, except for their own gross negligence or willful misconduct, and Secured Party will not be liable for any error of judgment made by it in good faith.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding any of the foregoing, Secured Party agrees that none of the clauses in this Section&nbsp;11 is intended to limit or prohibit any rights or protections of any other party to the TEO Shareholders Agreement or at law in their capacity as a shareholder or creditor of TEO.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination; Release; Reinstatement</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Agreement and the security interests granted hereby will terminate upon the earliest to occur of (i)&nbsp;the termination of the Call Option Agreement, (ii)&nbsp;the expiration of the Call Option Period or (iii)&nbsp;the exercise of the Call Option and the consummation of the Call Option Closing, including the delivery of the FT Membership Interest, Spinco Interest or the VLG Membership Interest, as applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon any sale or other transfer by Pledgor of any Collateral in accordance with the terms of the Call Option Agreement, or, upon the effectiveness of any written consent by Secured Party to the release of the security interest granted hereby in any Collateral, the security interest in such Collateral will be automatically released.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In connection with any termination or release pursuant to this Section&nbsp;12, Secured Party will execute and deliver to Pledgor, at Pledgor&#146;s sole expense, all documents that Pledgor will reasonably request to evidence such termination or release, in each case without recourse, representations or warranties of any kind.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">29<a name="PB_29_134425_3736"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Miscellaneous</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any notice, request, instruction or other document to be given hereunder by any party hereto to any other party hereto shall be in writing and delivered personally or by electronic mail or sent by registered or certified mail or by any express mail service,</p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech   Media, LLC</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o   Fintech Advisory Inc.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">375   Park Avenue 38th Floor,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New   York, NY 10152</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n   Holding S.A.</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tacuari   1846, 4to. </font>Piso</p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ciudad de Buenos Aires </font>(1139)</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 82.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail:&nbsp; aleu@grupoclarin.com</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 114.5pt;text-indent:-10.1pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font>sbardengo@grupoclarin.com</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 82.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:&nbsp; Alejandro Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 117.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebastian Bardengo</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or at such other address or number for a party as shall be specified by like notice.&#160; Any notice which is delivered personally or by telecopy transmission or by registered or certified mail or courier shall be deemed to have been duly given to the party to whom it is directed upon actual receipt by such party.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Waiver; Cumulative Remedies</u><b>.&#160; </b>No failure by Secured Party to exercise, and no delay by Secured Party in exercising, any right, remedy, power or privilege hereunder will operate as a waiver thereof; nor will any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.&#160; The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendments, Etc</u>.&#160; No amendment or waiver of any provision of this Agreement and no consent to any departure by Pledgor therefrom, will be effective unless in writing signed by Secured Party and Pledgor, and each such waiver or consent will be effective only in the specific instance and for the specific purpose for which given.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Successors and Assigns</u>.&#160; This Agreement will be binding upon and inure to the benefit of the respective successors and assigns of Pledgor and Secured Party (<u>provided</u>,</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">30<a name="PB_30_134734_9621"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">however</font></u>, that neither party shall assign or transfer Pledgor&#146;s rights or obligations under this Agreement without the prior written consent of the other party, except as otherwise provided in this Section&nbsp;13(d)). Secured Party may assign this Agreement without the prior consent of Pledgor at any time to any third party only in connection with and pursuant to the Financing (<u>provided</u>, <u>however</u>, that this Agreement may only be assigned to the extent that the Call Option Agreement is assigned or pledged and only if permitted under the terms and conditions of the TEO Shareholders Agreement).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterparts; Telefacsimile Execution</u>.&#160; This Agreement may be executed in any number of counterparts, all of which taken together will constitute one and the same instrument and either of the parties hereto may execute this Agreement by signing any such counterpart; signature pages&nbsp;may be detached from multiple separate counterparts and attached to a single counterpart so that all signatures are physically attached to the same document.&#160; Delivery of an executed counterpart of this Agreement by telefacsimile will be equally as effective as delivery of an original executed counterpart of this Agreement.&#160; Any party delivering an executed counterpart of this Agreement by telefacsimile also will deliver an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart will not affect the validity, enforceability, or binding effect hereof.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u style="font-weight:bold;">GOVERNING LAW</u></b><b>.&#160; THIS AGREEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.&#160; If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a)&nbsp;the legality, validity and enforceability of the remaining provisions of this Agreement will not be affected or impaired thereby and (b)&nbsp;the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.&#160; The invalidity of a provision in a particular jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;14.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Security Interest Absolute</u>.&#160; To the extent permissible by applicable law, all rights of Secured Party hereunder, the grant of a security interest in the Collateral and all obligations of Pledgor hereunder, will be absolute, irrevocable,&#160; and unconditional irrespective of:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any claim as to the genuineness, validity, regularity or enforceability of the Call Option Agreement, the CV Shareholders&#146; Agreement, the Operating Agreement, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any change in the time, manner or place of payment of, or in any other term of, all of or any of the Secured Obligations, or any other amendment, modification, extension or waiver of or any consent to any departure from the Call Option Agreement, the</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">31<a name="PB_31_134753_8715"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operating Agreement, the CV Shareholders&#146; Agreement or any other agreement or instrument relating to any of the foregoing;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any change in the corporate existence, structure or ownership of any issuer of Pledged Interests, or any liquidation, dissolution, insolvency, reorganization or other similar proceeding affecting any such issuer or its assets;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any release of any collateral securing any obligations in respect of the Call Option Agreement, the Operating Agreement, the CV Shareholders&#146; Agreement or any guarantee or other credit support in respect thereof;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any law, rule, regulation, decree or order of any jurisdiction, any change in any of the foregoing, or any other event, affecting any term of any Secured Obligation or Secured Party&#146;s rights with respect thereto; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other circumstance whatsoever that might otherwise constitute a defense available to, or a discharge of, Pledgor in respect of the Secured Obligations or in respect of this Agreement (other than the indefeasible payment in full of all Secured Obligations).</p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[REMAINING SPACE INTENTIONALLY LEFT BLANK; <br> SIGNATURES TO FOLLOW ON NEXT PAGE]</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">32<a name="PB_32_134812_563"></a></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH   MEDIA, LLC</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&nbsp; </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISION   HOLDING S.A.</font></p>    </td>   </tr>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">33<a name="PB_33_135904_8365"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;A</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH MEDIA, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">IRREVOCABLE MEMBERSHIP INTEREST POWER</font></u></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUE RECEIVED, the undersigned hereby assigns, transfers and conveys to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&#160; &#160;(the &#147;<u>Assignee</u>&#148;) [&nbsp;&nbsp;]% of the outstanding membership interests of VLG Argentina, LLC (the &#147;<u>Issuer</u>&#148;), standing in the name of the undersigned on the books of the Issuer and represented by Certificate No.&nbsp;[&#160;&#160; ] and does hereby irrevocably constitute and appoint the Assignee as its attorney-in-fact to transfer the said interests on the books of the Issuer, with full power of substitution in the premises.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:&#160; [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH   MEDIA, LLC]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="38%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.18%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">34<a name="PB_34_140106_9497"></a></p>
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<!-- SEQ.=1,FOLIO='34',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-09.htm',USER='C902558',CD='Jan  2 23:29 2018' -->

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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;</font></b><b>B</b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF EXERCISE NOTICE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Date]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">COMPANY</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Address]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax:   [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, [</font><font face="Symbol">&#183;</font>], refers to the Call Option Agreement, dated as of July&nbsp;7, 2017 (the &#147;<u>Call Option Agreement</u>&#148; and the terms defined therein being used herein as therein defined), among the undersigned, FT, FIA and Fintech Advisory and hereby gives you notice, irrevocably, pursuant to Section&nbsp;13(a)(i)&nbsp;of the Call Option Agreement that the undersigned hereby exercises the Call Option provided under Section&nbsp;2(a)&nbsp;of the Call Option Agreement, and in connection with such sets forth below the information relating to such exercise as required by Section&nbsp;[13(a)(i)] of the Call Option Agreement:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Option Closing Date shall be [<font face="Symbol">&#183;</font>].</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Call Option is exercised with respect to the [ FT Membership Interests] [VLG Membership Interests] [Spinco Interests].</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The [ FT Membership Interests] [VLG Membership Interests] [Spinco Interests] represent [<font face="Symbol">&#183;</font>] [shares/membership interests] of [FT/VLG/Spinco] and the Exercise Price is equal to US$[<font face="Symbol">&#183;</font>].</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISION   HOLDING S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">35<a name="PB_35_140400_3641"></a></p>
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<!-- SEQ.=1,FOLIO='35',FILE='C:\JMS\C902558\17-28256-1\task8682467\28256-1-mo-09.htm',USER='C902558',CD='Jan  2 23:29 2018' -->

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<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;</font></b><b>C</b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF ASSIGNMENT AGREEMENT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS ASSIGNMENT AGREEMENT (the &#147;<u>Agreement</u>&#148;) is entered into as of [</font><font face="Symbol">&#183;</font>], 201[7] by and between [Fintech Telecom, LLC, a limited liability company organized and existing under the laws of the State of Delaware (&#147;<u>FT</u>&#148;)/ Fintech Media, LLC, a limited liability company organized and existing under the laws of the State of Delaware/ Fintech Advisory Inc. a corporation organized and existing under the laws of the State of Delaware/ [Spinco], a [<font face="Symbol">&#183;</font>] organized under the laws of [<font face="Symbol">&#183;</font>]] (&#147;<u>Assignor</u>&#148;), and Cablevisi&#243;n Holding S.A., a company organized and existing under the laws of Argentina, in its capacity as assignee (&#147;<u>Assignee</u>&#148;) [and Fintech Media, LLC as managing member of VLG Argentina, LLC, a limited liability company organized and existing under the laws of the State of Delaware, USA].</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Assignor and Assignee are parties to that certain Call Option Agreement, dated July&nbsp;7, 2017, the terms defined therein being used herein as therein defined;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Assignee has exercised the Call Option and Assignor is therefore willing to sell, convey, transfer and deliver to Assignee full right, title and interest in and to the [ FT Membership Interests] [VLG Membership Interests] [Spinco Interests] representing [</font><font face="Symbol">&#183;</font>][membership interests of FT] [membership interests of VLG] [interests/shares of Spinco], free and clear of all claims and Encumbrances, by executing and delivering this Agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Assignee desires to accept such assignment, transfer and conveyance,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS [the FT Membership Interests represent [</font><font face="Symbol">&#183;</font>]% of the issued and outstanding membership interests of FT] [the VLG Membership Interests represent [<font face="Symbol">&#183;</font>]% of the issued and outstanding membership interests of VLG] [ [the [Spinco Interests] represent [<font face="Symbol">&#183;</font>]% of the issued and outstanding membership interests/shares of Spinco];</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the parties hereto hereby agrees as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Effective as of the date hereof, Assignor hereby assigns, transfers, and conveys to Assignee, without representation or warranty, and Assignee hereby assumes, all of Assignor&#146;s rights, title and interest in and to the [FT Membership Interests] [VLG Membership Interests] [Spinco Interests], free and clear of all claims and Encumbrances. Assignee assumes in such capacity all of the rights and obligations of the Assignor under such [FT Membership Interests] [VLG Membership Interests] [Spinco Interests], arising from and after the date hereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>[The assignment of the [VLG Membership Interests] assigned hereunder is hereby acknowledged and accepted by [<font face="Symbol">&#183;</font>], [in its capacity as Managing Member of VLG (as defined in that certain VLG LLC Agreement)] [The assignment of the [FT Membership Interests] assigned</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">36<a name="PB_36_140507_5250"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hereunder is hereby acknowledged and accepted by [</font><font face="Symbol">&#183;</font>], [in its capacity as Managing Member of FT].</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Agreement shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date first above written.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ACKNOWLEDGED AND ACCEPTED]:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[VLG ARGENTINA, LLC</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">37<a name="PB_37_140712_7672"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[FINTECH   TELECOM, LLC</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   [</font><font face="Symbol">&#183;</font>], its Managing Member]</p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">38<a name="PB_38_140848_536"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.5</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Execution Version</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXERCISE NOTICE</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in .75in .0001pt 0in;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;27, 2017</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Telecom, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Media, LLC</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fintech Advisory Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">375 Park Avenue, 38th Floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10152</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned, in his capacity as president of Cablevision Holding S.A. (&#147;<u>CVH</u>&#148;), refers to the Call Option Agreement, dated as of July&nbsp;7, 2017 (the &#147;<u>Call Option Agreement</u>&#148; and the terms defined therein being used herein as therein defined), among the undersigned, FT, FIA and Fintech Advisory.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Call Option Agreement, on behalf of CVH I hereby:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Give you irrevocable notice, pursuant to Section&nbsp;13(a)(i)&nbsp;of the Call Option Agreement, that the undersigned hereby exercises the Call Option provided under Section&nbsp;2(a)&nbsp;of the Call Option Agreement, and sets forth below certain information relating to such exercise as required by Section&nbsp;13(a)(i)&nbsp;of the Call Option Agreement:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Call Option is exercised with respect to the VLG Membership Interests, which represent 21.55% of the total membership interests of VLG.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In light of the upcoming holidays, CVH expects delivery of the VLG Membership Interests upon the occurrence of the Merger Effective Date (<i>Fecha Efectiva de Fusi&#243;n</i>), as defined in the Preliminary Merger Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In connection with the Exercise Price, inform you that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant to that certain letter dated October&nbsp;2, 2017 from CVH to the Fintech Parties, and as provided under Section&nbsp;6(b)&nbsp;of the Call Option Agreement, CVH made an Advance Payment totaling US$634,275,282.&#160; As a result of such Advance Payment, no interest has accrued on the Base Price and on October&nbsp;7, 2017, FIA and CVH executed and delivered the Pledge Agreement pursuant to which FIA created the security interest contemplated therein in the Pledged Interests (as such term is defined on the Pledge Agreement).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Base Price shall be adjusted by deducting US$6,266,919. Such deduction has been calculated by offsetting (i)&nbsp;the amount of US$6,756,882 payable by FIA to CVH with respect to the TEO Dividend declared pursuant to the terms of the Preliminary Merger Agreement and (ii)&nbsp;the amount of US$489,963 payable by CVH to FIA with respect to the Cablevision Dividend declared pursuant to the terms of the Preliminary Merger Agreement. FIA shall cause such payment in the</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">amount of US$6,266,919 to be made to CVH in U.S. dollars on or prior to January&nbsp;5, 2018 to such account as CVH may designate in writing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In connection with the Call Option Closing, propose that the following measures be implemented on or prior to delivery of the VLG Membership Interests:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fintech Parties shall deliver the certificate required pursuant to Section&nbsp;13(b)(iii)&nbsp;and CVH shall deliver the certificate required pursuant to Section&nbsp;13(c)(iii).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall deliver a document acknowledging receipt of the VLG Membership Interests.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH, as the new holder of the VLG Membership Interests, shall be entitled to retain&#160; FIA&#146;s membership interest No.&nbsp;5 and FIA&#146;s obligation to deliver the VLG Membership Interests will be deemed satisfied.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Waive any claim that CVH may have against </font>Fintech Advisory for Fintech Advisory&#146;s failure to execute and deliver to CVH an Assignment Agreement in connection with the Call Option Closing pursuant to Section&nbsp;5(a)&nbsp;of the Call Option Agreement, which waiver shall become effective upon delivery by CVH of a written receipt acknowledging delivery of the VLG Membership Interests that have been assigned to CVH pursuant to the exercise of the Call Option.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you agree with the terms of this letter, please deliver an acceptance letter executed by a duly authorized officer of the Fintech Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Signature page&nbsp;follows]</font></i></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISION   HOLDING S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>    </td>   </tr>
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<td width="353" style="border:none;"></td>
<td width="40" style="border:none;"></td>
<td width="1" style="border:none;"></td>
<td width="314" style="border:none;"></td>   </tr> </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notice of Acceptance</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;27, 2017</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tacuar&#237; 1846, 4th. Floor</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1139) Buenos Aires, Argentina</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Sebasti&#225;n Bardengo</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby accept the terms of your letter dated December&nbsp;27, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
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<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH   TELECOM, LLC</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:   </font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Julio R. Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julio R. Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized   Person</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH MEDIA, LLC</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Julio R. Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julio R. Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized   Person</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FINTECH ADVISORY INC.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="45%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/   Julio R. Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Julio R. Rodriguez,&nbsp;Jr.</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized   Person</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>a17-28256_1ex99d6.htm
<DESCRIPTION>EX-99.6
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.6<a name="Exhibit99_7_090448"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Execution Version</font></i></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;24, 2017</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citigroup Global Markets Inc.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goldman Sachs Bank USA</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Industrial and Commercial Bank of China</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limited Dubai (DIFC) Branch</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ita&#250; Unibanco S.A., Nassau Branch</font> as Arrangers</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goldman Sachs Bank USA</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Industrial and Commercial Bank of China</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limited Dubai (DIFC) Branch</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ita&#250; Unibanco S.A., Nassau Branch as Lenders</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citibank, N.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Administrative Agent and Offshore Collateral Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and </font>the branch of Citibank, N.A. established in the Republic of Argentina</p>
<p style="margin:0in 0in .0001pt;text-indent:.4in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Onshore Collateral Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re: <b>Offer CVH No.&nbsp;1/2017</b></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A. (as defined in Annex A hereto, &#147;<b>Borrower</b>&#148; or &#147;<b>us</b>&#148;) is pleased to submit to each of the Arrangers (as defined in Annex A hereto), the Lenders (as defined in Annex A hereto), Administrative Agent (as defined in Annex A hereto) and the Collateral Agents (as defined in Annex A hereto, and together with the Arrangers, the Lenders and Administrative Agent,&#160; &#147;<b>you</b>&#148;) this irrevocable offer (the &#147;<b>Offer</b>&#148;) regarding our intention to enter into the senior secured bridge loan facility under the terms and conditions contained herein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Offer shall be deemed accepted upon receipt by us not later than the Expiration Date (as defined below) of a written notice from you.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon acceptance of this Offer as provided in the immediately preceding paragraph, the terms and conditions of this Offer attached as Annex A hereto (the &#147;<b>Terms and Conditions</b>&#148;) shall be binding upon and inure to the benefit of the parties hereof, and each of you and us shall be deemed to have accepted, acknowledged and agreed to any and all such Terms and Conditions, which shall constitute the entire agreement between us and you relating to the subject matter thereof and shall supersede any and all previous agreements and understandings, oral or written, relating to the subject matter thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Offer CVH No.&nbsp;1/2017 shall expire at 11:59 p.m., New York City time, on September&nbsp;25, 2017 unless extended by us in writing (the &#147;<b>Expiration Date</b>&#148;), if not accepted in accordance with the preceding paragraphs.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature pages&nbsp;follow]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N HOLDING S.A.,</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Borrower</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sebastian Bardengo</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name:</font></b> Sebastian Bardengo</p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Title: </font></b>Authorized Signatory</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Fracisco Ivan Acevedo</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 76.3pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Name:</font></b> Fracisco Ivan Acevedo</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Title:</font></b> Authorized Signatory</p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[SIGNATURE PAGE TO OFFER LETTER]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNEX A</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TERMS AND CONDITIONS TO THE OFFER </font></b><b>CVH</b><b> N&#176;</b><b>1</b><b>/201</b><b>7</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(see attached)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">i<a name="PB_i_090936_8317"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Page</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.   DEFINITIONS AND INTERPRETATION</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1.   Definitions</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2.   Accounting Terms</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.3.   Interpretation, Etc.</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2. LOANS</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1.   Loans</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2.   Pro Rata Shares; Availability of Funds</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3.   Use of Proceeds</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4.   Evidence of Debt; Register; Lenders&#146; Books and Records; Checks</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5.   Interest on Loans</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.6.   Default Interest</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.7.   Fees</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.8.   Repayment</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.9.   Voluntary Prepayments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.10.   Mandatory Prepayments/Commitment Reductions</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.11.   Application of Mandatory Prepayments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.12.   General Provisions Regarding Payments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.13.   Ratable Sharing</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.14.   Making or Maintaining Loans</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.15.   Increased Costs; Capital Adequacy</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.16.   Taxes; Withholding, Etc.</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.17.   Obligation to Mitigate</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.18.   Defaulting Lenders</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.19.   Removal or Replacement of a Lender</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.   CONDITIONS PRECEDENT</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1.   Conditions to Initial Funding Date</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2.   Conditions to all subsequent Funding Dates</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3.   Funding Notices</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4.   Borrowings</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.   REPRESENTATIONS AND WARRANTIES</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1.   Organization; Requisite Power and Authority</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2.   Equity Interests and Ownership</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3.   Due Authorization</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4.   No Conflict</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5.   Governmental Consents</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6.   Binding Obligation</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.7.   Historical Financial Statements</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.8.   No Material Adverse Effect</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.9.   No Restricted Junior Payments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.10.   Adverse Proceedings, Etc.</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.11.   Payment of Taxes</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.12.   Properties</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.13.   Environmental Matters</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.14.   No Events of Default</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.15.   Governmental Regulation</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.16.   Federal Reserve Regulations; Exchange Act</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.17.   Employee Matters</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.18.   Certain Fees</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.19.   Solvency</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.20.   Compliance with Statutes, Etc.</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.21.   Disclosure</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.22.   Senior Debt</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.23.   Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.   AFFIRMATIVE COVENANTS</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1.   Financial Statements and Other Reports</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2.   Certification of Public Information</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3.   Existence</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4.   Payment of Taxes and Claims</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5.   Maintenance of Properties</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6.   Insurance</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.7.   Books and Records; Inspections</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8.   Lenders Meetings</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.9.   Compliance with Laws</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.10.   Environmental</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.11.   Further Assurances</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.12.   Establishment and Maintenance of IR Account</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.13.   Sanctioned Persons; Anti-Corruption Laws</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.14.   Compliance with Argentine Foreign Exchange Regulations</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.   NEGATIVE COVENANTS</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1.   Debt</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2.   Liens</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3.   Restricted Junior Payments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4.   Restrictions on Subsidiary Distributions</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5.   Investments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6.   Fundamental Changes; Disposition of Assets</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7.   Disposal of Cablevisi&#243;n&#146;s Interests</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8.   Sales and Lease-Backs</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9.   Transactions with Shareholders and Affiliates</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.10.   Conduct of Business</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.11.   Amendments or Waivers of Organizational Documents and Certain Related   Agreements</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.12.   Fiscal Year</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>    </td>   </tr>
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<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.13.   Financial Covenants</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">iii<a name="PB_iii_091929_5335"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7. EVENTS   OF DEFAULT</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1.   Events of Default</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>    </td>   </tr>
<tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8. AGENTS</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1.   Appointment of Agents</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2.   Powers and Duties</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3.   General Immunity</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4.   Agents Entitled to Act as Lender</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5.   Lenders&#146; Representations, Warranties and Acknowledgment</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6.   Right to Indemnity</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7.   Successor Administrative Agent and Collateral Agent</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8.   Collateral Documents</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9.   Withholding Taxes</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10.   Special Provision regarding Onshore Collateral Agent</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.   MISCELLANEOUS</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1.   Notices</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2.   Expenses</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3.   Indemnity</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.4.   Set-Off</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.5.   Amendments and Waivers</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.6.   Successors and Assigns; Participations</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">77</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.7.   Independence of Covenants</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.8.   Survival of Representations, Warranties and Agreements</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.9.   No Waiver; Remedies Cumulative</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.10.   Marshalling; Payments Set Aside</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.11.   Severability</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.12.   Obligations Several; Independent Nature of Lenders&#146; Rights</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.13.   Headings</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.14.   APPLICABLE LAW</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.15.   CONSENT TO JURISDICTION</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">82</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.16.   WAIVER OF JURY TRIAL</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">83</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.17.   Confidentiality</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">84</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.18.   Usury Savings Clause</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.19.   Effectiveness; Counterparts</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.20.   PATRIOT Act</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.21.   Electronic Execution of Assignments</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.22.   No Fiduciary Duty</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">85</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.23.   Obligation to Make Payment in Dollars; Judgment Currency</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">86</font></p>    </td>   </tr>
<tr>
<td width="91%" valign="top" style="padding:0in 0in 0in 0in;width:91.0%;">
<p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.24.   Entire Agreement</font></p>    </td>
<td width="9%" valign="bottom" style="padding:0in 0in 0in 0in;width:9.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">87</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDICES:</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commitments</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice   Addresses</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULES:</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Jurisdictions   of Organization and Qualification</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity   Interests and Ownership</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1(a)</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intercompany   Debt</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain   Affiliate Transactions</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBITS:</font></b></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Funding   Notice</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reserved</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance   Certificate</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignment   Agreement</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-1</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I</font>nitial   Funding Date Certificate</p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-2</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solvency   Certificate</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Account   Control Agreement</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">G</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Account   Security Agreement</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n   Pledge Agreement</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-1</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of   Borrower New York Counsel Legal Opinion</font></p>    </td>   </tr>
<tr>
<td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.74%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I-2</font></p>    </td>
<td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;of   Borrower Argentine Counsel Legal Opinion</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">v<a name="PB_v_092202_2897"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CREDIT AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This <b>CREDIT AGREEMENT</b>, dated as of September</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2017, is entered into by and among <b>CABLEVISI&#211;N HOLDING S.A.</b>, an Argentine<i> sociedad an&#243;nima</i> (&#147;<b>Borrower</b>&#148;), <b>CITIBANK, N.A.</b> (&#147;<b>Citi</b>&#148;),<b> GOLDMAN SACHS BANK USA</b> (&#147;<b>Goldman Sachs</b>&#148;),<b>&nbsp;INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, DUBAI (DIFC) BRANCH</b> (&#147;<b>ICBC</b>&#148;),&nbsp;<b>ITA&#218; UNIBANCO S.A., NASSAU BRANCH </b>(&#147;<b>Ita&#250;</b>&#148;, and together with Citi, Goldman Sachs,&nbsp;ICBC and any other lenders party hereto from time to time, collectively, the &#147;<b>Lenders</b>&#148;),<b> CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS BANK USA,&nbsp;INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, DUBAI (DIFC) BRANCH</b>, and<b> ITA&#218; UNIBANCO S.A., NASSAU BRANCH </b>(each in its capacity as a joint lead arranger and joint bookrunner, collectively, the &#147;<b>Arrangers</b>&#148;),<b> CITIBANK, N.A.</b>, as Administrative Agent (together with its permitted successors in such capacity, &#147;<b>Administrative Agent</b>&#148;), <b>CITIBANK, N.A.</b>, as Offshore Collateral Agent, and <b>THE BRANCH OF CITIBANK, N.A. ESTABLISHED IN THE REPUBLIC OF ARGENTINA</b>, as Onshore Collateral Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in Section&nbsp;1.1 hereof;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, Lenders have agreed to extend loans to Borrower in an aggregate principal amount not to exceed $750,000,000, the proceeds of which will be used to fund (i)&nbsp;the Acquisition, including funding Advance Payments under the Call Option Agreement or paying the price payable to exercise the call option set forth in the Call Option Agreement, and fees and expenses in connection with the Acquisition, (ii)&nbsp;fees and expenses in connection with this Agreement (including, without limitation, the fees set forth in Section&nbsp;2.7 of this Agreement and any applicable Taxes payable in connection with the Loans), (iii)&nbsp;the IR Account and (iv)&nbsp;such other purposes as set forth in Section&nbsp;2.3 hereof; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS,</font></b> Borrower has agreed to secure all of its Obligations by granting to Offshore Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on the IR Account and the Cash Collateral Account and by granting to Onshore Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on certain Equity Interests in Cablevisi&#243;n owned by Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE,</font></b> in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;1. DEFINITIONS AND INTERPRETATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.1. Definitions</font></b><b>.</b>&#160; The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Account Bank</b>&#148; means Citibank, N.A. (together with its permitted successors in such capacity).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Account Control Agreement</b>&#148; means the account control agreement to be entered into by and among Borrower, Offshore Collateral Agent and Account Bank on the initial Funding Date in substantially the form of <u>Exhibit&nbsp;F</u>, as amended, amended and restated, supplemented or otherwise modified from time to time.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Account Security Agreement</b>&#148; means the account security agreement to be entered into by and between Borrower and Offshore Collateral Agent on the initial Funding Date in substantially the form of <u>Exhibit&nbsp;G</u>, as it may be amended, restated, supplemented or otherwise modified from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Acquisition</b>&#148; means the acquisition of the Target Shares pursuant to the Call Option Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Additional </b><b>Acquisition</b>&#148; means the acquisition by Borrower, in one or more transactions in accordance with any provision of Article&nbsp;IV of the Cablevisi&#243;n Shareholders&#146; Agreement or Article&nbsp;IV or Article&nbsp;VI of the TEO Shareholders&#146; Agreement, of a number of shares of Cablevisi&#243;n S.A. or TEO, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Administrative Agent</b>&#148; as defined in the preamble hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>ADR</b>&#148; means the American Depositary Receipts of TEO.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Adverse Proceeding</b>&#148; means any action, suit, proceeding (in each case, whether administrative, judicial or otherwise), governmental investigation or arbitration at law or in equity, or before or by any Governmental Authority (including any Environmental Claims), whether pending or, to the knowledge of Borrower or any of its Subsidiaries, threatened in writing against Borrower or any of its Subsidiaries or any property of Borrower or its Subsidiaries.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Affected Lender</b>&#148; as defined in Section&nbsp;2.14(b).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Affected Loans</b>&#148; as defined in Section&nbsp;2.14(b).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Affiliate</b>&#148; means, with reference to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such Person. For the purposes of this definition, &#147;control&#148; (including, with correlative meanings, the terms &#147;controlling&#148;, &#147;controlled by&#148; and &#147;under common control with&#148;), with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Agent</b>&#148; means each of (i)&nbsp;Administrative Agent, (ii)&nbsp;Collateral Agents, (iii)&nbsp;Arrangers and (iv)&nbsp;any other Person appointed under the Credit Documents to serve in an agent or similar capacity.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Agent Affiliates</b>&#148; as defined in Section&nbsp;9.1(b)(iii).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Agent Fee Letter</b>&#148; means the fee letter dated September&nbsp;19, 2017 between Administrative Agent, Collateral Agents and Borrower, or any replacement letter thereof.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Aggregate Amounts Due</b>&#148; as defined in Section&nbsp;2.13.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Agreement</b>&#148; means this Credit Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Anti-Corruption Laws</b>&#148; as defined in Section&nbsp;4.23.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Applicable Margin</b>&#148; means a percentage, <i>per annum</i>, equal to (i)&nbsp;for the period commencing on the first Funding Date and ending on the date that is six months thereafter, 3.50%, (ii)&nbsp;for the period from but excluding the date that is six months following the first Funding Date to and including the first anniversary of the first Funding Date, 4.00%, and (iii)&nbsp;for the period from but excluding the first anniversary of the first Funding Date to and including the Maturity Date, 4.50%.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Approved Electronic Communications</b>&#148; means any notice, demand, communication, information, document or other material that Borrower provides to Administrative Agent pursuant to any Credit Document or the transactions contemplated therein which is distributed to Agents or Lenders by means of electronic communications pursuant to Section&nbsp;9.1(b).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Argentina</b>&#148; means the Republic of Argentina.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Argentine Bankruptcy Law</b>&#148; means the Argentine Bankruptcy law No.&nbsp;24,522, as amended, supplemented or otherwise modified from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Argentine Foreign Exchange Market</b>&#148; means the Argentine single and free foreign exchange market (<i>Mercado &#218;nico y Libre de Cambios</i>).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Argentine Foreign Exchange Regulations</b>&#148; means any foreign exchange Law issued by the Argentine Congress, the Executive Branch of the Argentine Government, the Argentine Ministry of Economy, the Central Bank and/or any other Argentine Governmental Authority applicable to the Credit Documents, including but not limited to Communications &#147;A&#148; 3602 and 6244 issued by the Central Bank, as such Argentine Foreign Exchange Regulations may be amended, supplemented or otherwise modified (including through interpretative letters issued by any Argentine Governmental Authority) from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Argentine Income Tax Law</b>&#148; means the Argentine law No.&nbsp;20,628, as amended, supplemented or otherwise modified from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Argentine Value Added Tax Law</b>&#148; means the Argentine law No.&nbsp;23,349, as amended, supplemented or otherwise modified from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Arrangers</b>&#148; as defined in the preamble hereto.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Asset Sale</b>&#148; means a sale, lease or sub-lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, exclusive license (as licensor or sublicensor), transfer or other disposition to, or any exchange of property with, any Person (other than Borrower or its Subsidiaries), in one transaction or a series of transactions, of all or any part of Borrower&#146;s or any of its Subsidiaries&#146; business, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired, leased or licensed, including any Equity Interests owned by Borrower or any of its Subsidiaries (including the Target Shares following the consummation of the Acquisition); <u>provided</u> that &#147;Asset Sale&#148; shall not include any asset sale permitted under Section&nbsp;6.6(a)&nbsp;through Section&nbsp;6.6(h).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Assignment Agreement</b>&#148; means an Assignment and Assumption Agreement substantially in the form of <u>Exhibit&nbsp;D</u>, with such amendments or modifications as may be approved by Administrative Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Assignment Effective Date</b>&#148; as defined in Section&nbsp;9.6(b).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Authorized Officer</b>&#148; means, as applied to any Person, any individual holding the position of chairman of the board (if an officer), chief executive officer, president, vice president (or the equivalent thereof), chief financial officer or treasurer of such Person; <u>provided</u> that the secretary or assistant secretary of such Person shall have delivered an incumbency certificate to Administrative Agent as to the authority and a sample signature of such Authorized Officer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Availability Period</b>&#148; means the period from and including the date of this Agreement to and including the date which is 90 days after the date thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Bankruptcy&nbsp;Code</b>&#148; means Title&nbsp;11 of the United States Code entitled &#147;Bankruptcy,&#148; as now and hereafter in effect, or any successor statute.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Basel Bank</b>&#148; means a Foreign Bank organized under the laws of a country, the central bank or similar governmental authority of which has adopted the International Supervision Banking Standards established by the Basel Committee on Banking Regulations and Supervisory Practices.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Board of Governors</b>&#148; means the Board of Governors of the United States Federal Reserve System, or any successor thereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Borrower</b>&#148; as defined in the preamble hereto.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Business Day</b>&#148; means (i)&nbsp;any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York, Dubai or the City of Buenos Aires, Argentina or is a day on which banking institutions located in such state are authorized or required by law or other governmental action to close and (ii)&nbsp;with respect to all notices, determinations, fundings and payments in connection with the Loans, any day which is a Business Day described in clause (i)&nbsp;and which is also a day for trading by and between banks in Dollar deposits in the London interbank market.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cablevisi&#243;n</b>&#148; means (i)&nbsp;at all times prior to the date on which the Merger becomes effective, Cablevisi&#243;n S.A., and (ii)&nbsp;on and from the date on which the Merger becomes effective, TEO.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cablevisi&#243;n S.A.</b>&#148; means Cablevisi&#243;n S.A., an Argentine <i>sociedad an&#243;nima</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cablevisi&#243;n Senior Notes</b>&#148; means the 6.500% Senior Notes of Cablevisi&#243;n due 2021 issued under the Indenture.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Cablevisi&#243;n Pledge Agreement</b>&#148; means the offer of Argentine law Pledge Agreement to be accepted by Borrower substantially in the form of <u>Exhibit&nbsp;H</u>, as it may be amended, restated, supplemented or otherwise modified from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cablevisi&#243;n Shareholders&#146; Agreement</b>&#148; means that Amended and Restated Shareholders&#146; Agreement dated as of May&nbsp;4, 2017 by and among VLG, Borrower, FIA, Fintech Advisory and Cablevisi&#243;n S.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Call Option Agreement</b>&#148; means that certain Offer of Call Option Agreement, from Fintech Advisory, FT and FIA to Borrower, dated July&nbsp;7, 2017 and accepted by Borrower on July&nbsp;7, 2017.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Capital Lease</b>&#148; means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee that, in conformity with IFRS, is or should be accounted for as a capital lease on the balance sheet of that Person.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Capital Stock</b>&#148; means, with respect to any Person, any and all shares of stock of a corporation, partnership interests or other equivalent interests (however designated, whether voting or non-voting) in such Person&#146;s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets, after liabilities, of such Person.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Cash</b>&#148; means money, currency or a credit balance in any demand or Deposit Account.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Cash Collateral Account</b>&#148; means the cash collateral account maintained by Borrower with Account Bank in New York City</font> and subject to the Account Control Agreement, or any other account that replaces such account with the approval of Offshore Collateral Agent (acting at the instruction of the Requisite Lenders).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Cash Equivalents</b>&#148; means, as at any date of determination, any of the following: (i)&nbsp;any evidence of Debt issued by, or unconditionally guaranteed by, the United States or the Argentine governments or issued by any agency or instrumentality thereof and backed by the full faith and credit of the United States or Argentina, as applicable, or such Debt constitutes a general obligation of such country, (ii)&nbsp;deposits, certificates of deposit or acceptances with a maturity of 180 days or less of, or Debt with a maturity of 365 days or less from the date of the acquisition of, (x)&nbsp;any financial institution that is a member of the Federal Reserve System of the United States and has combined capital and surplus and undivided profits (or any similar capital concept) of not less than $500,000,000 or (y)&nbsp;any financial institution organized under the laws of a country where Borrower or any of its Subsidiaries conducts operations that is licensed to act </p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as such by the central bank or other similar authority in such jurisdiction and has combined capital and surplus and undivided profits (or any similar capital concept) of, with respect to any such financial institution in Argentina, not less than $25,000,000 or, with respect to any financial institution in the Oriental Republic of Uruguay or any other applicable jurisdiction, not less than $10,000,000; <u>provided</u> that the aggregate amount of any such deposits, certificates of deposit or acceptances or any such Debt secured by a letter of credit of any such financial institution with combined capital and surplus and undivided profits (or any similar capital concept) of less than $100,000,000 shall not exceed thirty percent (30%) of the aggregate amount of Cash Equivalents at any time; <u>provided</u>, <u>further</u>, that such bank is not under intervention, receivership or any similar arrangement at the time of such deposit or the acquisition of such certificate of deposit or acceptance, (iii)&nbsp;Debt with a maturity within 180 days or less of their date of acquisition issued by a corporation (other than an Affiliate of </font>Borrower) organized under the laws of Argentina or any part thereof or the United States or any state thereof or the District of Columbia and rated at least &#147;A-1&#148; by S&amp;P or &#147;P-1&#148; by Moody&#146;s, (iv)&nbsp;repurchase agreements and reverse repurchase agreements relating to marketable direct obligations issued or unconditionally guaranteed by the government of Argentina or the United States government (in the case of any Argentine or United States government obligations, respectively), in each case maturing within one year from the date of acquisition and (v)&nbsp;investments in money market funds all of the assets of which consist of securities of the type described in the foregoing clauses (i)&nbsp;through (iv).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Central Bank</b>&#148; means the Central Bank of Argentina.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Change of Control</b>&#148; means (i)&nbsp;any or all of the Permitted Holders shall cease to beneficially own at least 50.1% on a fully diluted basis of the voting interests in the Equity Interests of Borrower or (ii)&nbsp;Borrower shall cease to beneficially own Equity Interests representing, on a fully diluted basis, less than 50.1% of the total voting power of the Equity Interests of Cablevisi&#243;n S.A., other than as a result of the Merger, in which case, (A)&nbsp;such Equity Interests of Cablevisi&#243;n S.A. shall have been replaced with Equity Interests representing, on a fully diluted basis, at least 30% of the total voting power of the Equity Interests of TEO; (B)&nbsp;Borrower shall not agree to any amendment or other modification to Article&nbsp;II of the TEO Shareholders&#146; Agreement that would be disadvantageous in any material respect to Borrower; and (C)&nbsp;no Person (other than any parties to the TEO Shareholders&#146; Agreement) shall beneficially own Equity Interests representing, on a fully diluted basis, more than 50% of the total voting power of the Equity Interests of TEO.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Check</b>&#148; as defined in Section&nbsp;2.4(c).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Check Account</b>&#148; as defined in Section&nbsp;2.4(c).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Citi</b>&#148; as defined in the preamble hereto.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>CNV</b>&#148; means the <i>Comisi&#243;n Nacional de Valores</i> of Argentina.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Code</b>&#148; means the Internal Revenue Code of 1986.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Collateral</b>&#148; means, collectively, all of the property (including Equity Interests) in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Collateral Agents</b>&#148; means Offshore Collateral Agent and Onshore Collateral Agent.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Collateral Documents</b>&#148; means the Account Security Agreement, the Cablevisi&#243;n Pledge Agreement, the Account Control Agreement and all other instruments, documents and agreements delivered by or on behalf of Borrower pursuant to this Agreement or any of the other Credit Documents in order to grant to, or perfect in favor of, Collateral Agent, for the benefit of Secured Parties, a Lien on any real, personal or mixed property of Borrower as security for the Obligations.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Collateralization Ratio</b>&#148; means the ratio as of the last day of any calculation period (or, in the case of the initial Funding Date, as of the initial Funding Date) of (i)&nbsp;the sum of (a)&nbsp;the Total Cablevisi&#243;n Security as of such day and (b)&nbsp;the value of any Cash or Cash Equivalents then on deposit in or credited to the Cash Collateral Account, to (ii)&nbsp;the outstanding principal amount of the Loans as of such date; <u>provided</u> that with respect to the initial Funding Date, clause (i)(b)&nbsp;shall be disregarded.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Commitment</b>&#148; means the commitment of a Lender to make or otherwise fund a Loan and &#147;<b>Commitments</b>&#148; means such commitments of all Lenders in the aggregate.&#160; The amount of each Lender&#146;s Commitment is set forth on Appendix A or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof.&#160; The aggregate amount of the Commitments as of the date of this Agreement is $750,000,000.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Compliance Certificate</b>&#148; means a Compliance Certificate substantially in the form of <u>Exhibit&nbsp;C</u>.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Connection Income Taxes</b>&#148; means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Contractual Obligation</b>&#148; means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Credit Document</b>&#148; means any of this Agreement, the Check, the Agent Fee Letter, the Collateral Documents, and all other documents, certificates, instruments or agreements executed and delivered by or on behalf of Borrower for the benefit of any Agent or any Lender under any of foregoing documents on or after the date hereof.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>CV Shareholder Letter</b>&#148; means that certain letter delivered by Borrower to certain of the other parties to the Cablevision Shareholders&#146; Agreement with respect to certain matters thereunder, in form and in substance reasonably acceptable to Lenders.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>CVH Leverage Ratio</b>&#148; means, as of the last date of any Fiscal Quarter, the ratio of: (x)&nbsp;the aggregate amount of consolidated Debt of Borrower and its Subsidiaries as of such date to (y)&nbsp;the aggregate amount of EBITDA of Borrower and its Subsidiaries for the four Fiscal </p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quarters ended on such date (the &#147;reference period&#148;); <u>provided</u> that, prior to June&nbsp;30, 2018, such EBIDTA for any Fiscal Quarter ended prior to June&nbsp;30, 2017 shall refer to the EBITDA of Cablevisi&#243;n S.A. and its Subsidiaries only. In making the foregoing calculation: during the reference period, pro forma effect will be given to: (A)&nbsp;the acquisition or disposition of companies, divisions or lines of businesses by Borrower and its Subsidiaries (or Cablevisi&#243;n S.A. and its Subsidiaries, as applicable), including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Subsidiary after the beginning of the reference period, and (B)&nbsp;the discontinuation of any discontinued operations, in each case that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period. To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be based upon the most recent four full Fiscal Quarters for which the relevant financial information is available.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Debt</b>&#148; means, with respect to any Person, without duplication: (i)&nbsp;all indebtedness of such Person for borrowed money, (ii)&nbsp;all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii)&nbsp;all obligations of such Person in respect of letters of credit, bankers&#146; acceptances or other similar instruments, excluding obligations in respect of trade letters of credit or bankers&#146; acceptances issued in respect of trade payables to the extent not drawn upon or presented, or, if drawn upon or presented, the resulting obligation of the Person is paid within ten (10)&nbsp;Business Days, (iv)&nbsp;all obligations of such Person to pay the deferred and unpaid purchase price of property or services which are recorded as liabilities under IFRS, excluding trade payables arising in the ordinary course of business, (v)&nbsp;all obligations of such Person as lessee under Capital Leases, (vi)&nbsp;all Debt of other Persons guaranteed by such Person to the extent so guaranteed, (vii)&nbsp;all Debt of other Persons secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person, (viii)&nbsp;all obligations of such Person under Hedging Agreements; and (ix)&nbsp;all Disqualified Stock (the amount of Debt therefrom deemed to equal any involuntary liquidation preference plus accrued and unpaid dividends). The amount of Debt of any Person will be deemed to be: (A)&nbsp;with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, (B)&nbsp;with respect to Debt secured by a Lien on an asset of such Person but not otherwise the obligation, contingent or otherwise, of such Person, the lesser of (x)&nbsp;the fair market value of such asset on the date the Lien attached and (y)&nbsp;the amount of such Debt, (C)&nbsp;with respect to any Debt issued with original issue discount, the face amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt, (D)&nbsp;with respect to any Hedging Agreement, the net amount payable if such Hedging Agreement terminated at that time due to default by such Person, and (E)&nbsp;otherwise, the outstanding principal amount thereof.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Debtor Relief Laws</b>&#148; means the Bankruptcy Code, the Argentine Bankruptcy Law and all other liquidation, conservatorship, bankruptcy, <i>concurso</i>, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, restructuring, winding-up or composition or readjustment of debts or similar debtor relief Laws of the United States, Argentina or any other applicable jurisdictions from time to time in effect.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Default</b>&#148; means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Defaulting Lender</b>&#148; means, subject to Section&nbsp;2.18(b), any Lender (a)&nbsp;that has failed to (i)&nbsp;fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies Administrative Agent and Borrower in writing that such failure is the result of such Lender&#146;s determination that one or more conditions precedent to funding (which conditions precedent, together with the applicable default, if any, shall be specifically identified in such writing) has not been satisfied, or (ii)&nbsp;pay to Administrative Agent or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, (b)&nbsp;that has notified Borrower or Administrative Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lenders&#146; obligation to fund a Loan hereunder and states that such position is based on such Lender&#146;s determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied), (c)&nbsp;that has failed, within three Business Days after written request by Administrative Agent or Borrower, to confirm in writing to Administrative Agent and Borrower that it will comply with its prospective funding obligations hereunder (<u>provided</u> that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c)&nbsp;upon receipt of such written confirmation by Administrative Agent and Borrower), or (d)&nbsp;in respect of which Administrative Agent has received written notification that such Lender or its direct or indirect parent company (i)&nbsp;is insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors or (ii)&nbsp;is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Deposit Account</b>&#148; means a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Disqualified Equity Interests</b>&#148; means Equity Interests that by their terms or upon the happening of any event are: (i)&nbsp;required to be redeemed or redeemable at the option of the holder prior to the Stated Maturity of the Cablevisi&#243;n Senior Notes for consideration other than Qualified Equity Interests, or (ii)&nbsp;convertible at the option of the holder into Disqualified Equity Interests or exchangeable for Debt.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Disqualified Stock</b>&#148; means Capital Stock constituting Disqualified Equity Interests.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Dollars</b>&#148; and the sign <b>&#147;$&#148;</b> mean the lawful currency of the United States of America.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>EBITDA</b>&#148; means, for any period, the sum of (i)&nbsp;total revenues, <u>less</u> (ii)&nbsp;the sum of: (A)&nbsp;cost of sales; (B)&nbsp;selling expenses; and (C)&nbsp;administrative expenses, <u>plus</u> (iii)&nbsp;depreciation and amortization, in each case as determined, for the relevant period, on a consolidated basis for Borrower and its Subsidiaries, Cablevisi&#243;n S.A. or Cablevisi&#243;n and its Subsidiaries, as applicable, in conformity with IFRS.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Eligible Assignee</b>&#148; means any Person other than a natural person that is (i)&nbsp;a Lender or an Affiliate of any Lender or a Related Fund (any two or more Related Funds being treated as a single Eligible Assignee for all purposes hereof), (ii)&nbsp;a commercial bank, insurance company, investment or mutual fund or other entity that is an &#147;accredited investor&#148; (as defined in Regulation&nbsp;D under the Securities Act) and which extends credit or buys loans in the ordinary course of business, or (iii)&nbsp;an Affiliate of Borrower; <u>provided</u> that none of (a)&nbsp;any Defaulting Lender or (b)&nbsp;Borrower shall be an Eligible Assignee.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Engagement Letter</b>&#148; means the Engagement Letter documented through an Offer Letter, dated on or around the date hereof, from Citi, Goldman Sachs,&nbsp;ICBC and Ita&#250; to Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Environmental Claim</b>&#148; means any investigation, notice, notice of violation, claim, action, suit, proceeding, demand, abatement order or other order or directive (conditional or otherwise), by any Governmental Authority or any other Person, arising (i)&nbsp;pursuant to or in connection with any actual or alleged violation of any Environmental Law; (ii)&nbsp;in connection with any Hazardous Material or any actual or alleged Hazardous Materials Activity; or (iii)&nbsp;in connection with any actual or alleged damage, injury, threat or harm to health, safety, natural resources or the environment.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Environmental Laws</b>&#148; means, with respect to any Person, any and all current or future foreign or domestic, federal or state (or any subdivision of either of them), statutes, ordinances, orders, rules, regulations, judgments, Governmental Authorizations, or any other requirements of Governmental Authorities relating to (i)&nbsp;environmental matters, including those relating to any Hazardous Materials Activity; (ii)&nbsp;the generation, use, storage, transportation or disposal of Hazardous Materials; or (iii)&nbsp;occupational safety and health, industrial hygiene, land use or the protection of human, plant or animal health or welfare, in each case applicable to such Person or any its Facilities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Equity Interests</b>&#148; means all Capital Stock and all warrants or options with respect to, or other rights to purchase, Capital Stock, but excluding Debt convertible into equity.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Event of Default</b>&#148; means each of the conditions or events set forth in Section&nbsp;7.1.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">10<a name="PB_10_093257_3736"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Exchange Act</b>&#148; means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Exchange Business Day</b>&#148; means any day on which any stock exchange on which the GDRs or shares of Borrower (as applicable) are listed (including, without limitation, the Buenos Aires Stock Exchange or the London Stock Exchange) is scheduled to be open for trading for its regular trading sessions (notwithstanding such stock exchanges&#146; closing prior to its scheduled weekday closing times, and without regard to after hours or any other trading outside of the regular trading session hours).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Exchange Rate</b>&#148; means, for any day, the exchange rate for Pesos to Dollars published under the Central Bank&#146;s Communication &#147;A&#148; 3500 for such day or, if on such day such rates are not quoted, at the last day on which such rates were offered preceding such day.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Excluded Taxes</b>&#148; means any of the following Taxes imposed on or with respect to an Agent or Lender or required to be withheld or deducted from a payment to an Agent or Lender: (a)&nbsp;Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i)&nbsp;imposed as a result of such Agent or Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii)&nbsp;that are Other Connection Taxes, (b)&nbsp;Taxes attributable to such Agent or Lender&#146;s failure to comply with Section&nbsp;2.16(f), (c)&nbsp;any withholding Taxes imposed under FATCA ,or (d)&nbsp;in the case of a Lender, any withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on which (x)&nbsp;such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section&nbsp;2.19) or (y)&nbsp;such Lender changes its lending office, except, in the case of either (x)&nbsp;or (y), to the extent such withholding Taxes would apply to such Lender if it were a Basel Bank and otherwise meets the requirements of Section&nbsp;93 paragraph (c)&nbsp;of the Argentine Income Tax Law.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Facility</b>&#148; means, with respect to any Person, any real property (including all buildings, fixtures or other improvements located thereon) now, hereafter or heretofore owned, leased, operated or used by such Person.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>FATCA</b>&#148; means:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Sections 1471 to 1474 of the Code or any associated regulations;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the United States and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a)&nbsp;above; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a)&nbsp;or (b)&nbsp;above with the U.S. Internal Revenue Service, the government of the United States or any governmental or taxation authority in any other jurisdiction.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>First Priority</b>&#148; means, with respect to any Lien purported to be created on any Collateral pursuant to any Collateral Document, that such Lien is the only Lien to which such Collateral is subject, other than any Permitted Lien.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Fiscal Quarter</b>&#148; means a fiscal quarter of any Fiscal Year.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Fiscal Year</b>&#148; means the fiscal year of Borrower and its Subsidiaries ending on December&nbsp;31<font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font>&#160;of each calendar year.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>FIA</b>&#148; means Fintech Media, LLC, a Delaware limited liability company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Fintech Advisory</b>&#148; means Fintech Advisory Inc., a Delaware corporation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Foreign Bank</b>&#148; means a Lender that makes and maintains its Loan through a lending office located outside Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>FT</b>&#148; means Fintech Telecom, LLC, a Delaware limited liability company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Funding Date</b>&#148; means a date on which Loans are made hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Funding Notice</b>&#148; means a notice substantially in the form of Exhibit&nbsp;A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>GDRs</b>&#148; means the Global Depository Receipts of Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Goldman Sachs</b>&#148; as defined in the preamble hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Governmental Authority</b>&#148; means any federal, state, provincial, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity, officer or examiner exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with any state in the United States, the United States, Argentina or a foreign entity or government.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Governmental Authorization</b>&#148; means any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Guarantee</b>&#148; means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise of such Person:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 111.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise); or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 111.0pt;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>entered into for the purposes of assuring in any other manner the obligee of such Debt of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided</font></u> that the term &#147;Guarantee&#148; does not include endorsements for collection or deposit in the ordinary course of business.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Hazardous Materials</b>&#148; means any chemical, material or substance, exposure to which is prohibited or limited by any Governmental Authority or which may or could pose a hazard to the health and safety of the owners, occupants or any Persons in the vicinity of any Facility or to the indoor or outdoor environment.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Hazardous Materials Activity</b>&#148; means any past, current, proposed or threatened activity, event or occurrence involving any Hazardous Materials, including the use, manufacture, possession, storage, holding, presence, existence, location, Release, threatened Release, discharge, placement, generation, transportation, processing, construction, treatment, abatement, removal, remediation, disposal, disposition or handling of any Hazardous Materials, and any corrective action or response action with respect to any of the foregoing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Hedging Agreement</b>&#148; means (i)&nbsp;any interest rate swap agreement, interest rate cap agreement or other agreement designed to protect against fluctuations in interest rates, or (ii)&nbsp;any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Highest Lawful Rate</b>&#148; means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Historical Financial Statements</b>&#148; means, as of the date hereof, (i)&nbsp;the audited financial statements of Cablevisi&#243;n and its Subsidiaries for the immediately preceding three Fiscal Years, consisting of balance sheets and the related consolidated statements of income, stockholders&#146; equity and cash flows for such Fiscal Years, (ii)&nbsp;the unaudited financial statements of Cablevisi&#243;n and its Subsidiaries as of the most recent Fiscal Quarter ended after the date of the most recent audited financial statements and at least 45 days prior to the date hereof, consisting of a balance sheet and the related consolidated statements of income, stockholders&#146; equity and cash flows for the three-, six - or nine-month period, as applicable, ending on such date, and (iii)&nbsp;the opening balance sheet of Borrower dated as of May&nbsp;1, 2017 and, in the case of clauses (i)&nbsp;and (ii), certified by an authorized signatory of Borrower that they fairly present, in all material respects, the financial condition of Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year-end adjustments.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>ICBC</b>&#148; as defined in the preamble hereto.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>IFRS</b>&#148; means, subject to the provisions of Section&nbsp;1.2, the International Financial Reporting Standards, as issued by the International Accounting Standards Board, as in effect from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Increased-Cost Lender</b>&#148; as defined in Section&nbsp;2.19.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Indemnified Liabilities</b>&#148; means, collectively, any and all liabilities, obligations, losses, damages, penalties, claims, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable and documented fees and disbursements of counsel for Indemnitees in connection with any investigative, administrative or judicial proceeding or hearing commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect, special or consequential and whether based on any federal, state or foreign laws, statutes, rules&nbsp;or regulations (including securities and commercial laws, statutes, rules&nbsp;or regulations and Environmental Laws), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any Indemnitee, in any manner relating to or arising out of (i)&nbsp;this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby (including the Lenders&#146; agreement to make Loans, the syndication of the credit facility provided for herein or the use or intended use of the proceeds thereof), any amendments, waivers or consents with respect to any provision of this Agreement or any of the other Credit Documents, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral, or (ii)&nbsp; any Environmental Claims or any Hazardous Materials Activity relating to or existing from directly or indirectly, any past or present activity, operation, land ownership, or practice of Borrower or any of its Subsidiaries that, in the case of this clause (ii), has had or is reasonably likely to have a Material Adverse Effect.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indemnified Taxes</b>&#148; means (a)&nbsp;Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower under any Credit Document by any Governmental Authority of Argentina or any other jurisdiction from which Borrower elects to make payments or by any political subdivisions or taxing authorities thereof or therein, and (b)&nbsp;to the extent not otherwise described in (a), Other Taxes.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Indemnitee</b>&#148; as defined in Section&nbsp;9.3(a).</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Indenture</b>&#148; means the Indenture, dated as of June&nbsp;15, 2016, among Cablevisi&#243;n, as issuer, Deutsche Bank Trust Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A., in relation to Cablevisi&#243;n&#146;s 6.500% Senior Notes due 2021, as it may be amended, restated, supplemented or otherwise modified from time to time.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Initial Funding Date Certificate</b>&#148; means an Initial Funding Date Certificate in the form of <u>Exhibit&nbsp;E-1</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Intercompany Debt</b>&#148; as defined in Section&nbsp;6.1(a).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Interest Payment Date</b>&#148; means the last day of each Interest Period applicable to such Loan and the Maturity Date.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Interest Period</b>&#148; means, in connection with each Loan, an interest period (i)&nbsp;initially, commencing on the Funding Date for such Loan and ending on the last day of the Availability Period, and (ii)&nbsp;thereafter, of three months commencing on the day on which the immediately preceding Interest Period expires; <u>provided</u> that (a)&nbsp;if an Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day unless no further Business Day occurs in such month, in which case such Interest Period shall expire on the immediately preceding Business Day; (b)&nbsp;any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (c)&nbsp;of this definition, end on the last Business Day of a calendar month; and (c)&nbsp;no Interest Period shall extend beyond the Maturity Date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Interest Rate Determination Date</b>&#148; means, with respect to any Interest Period, the day that is two Business Days prior to the first day of such Interest Period.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Investment</b>&#148; means (i)&nbsp;any direct or indirect advance, loan or other extension of credit to another Person, (ii)&nbsp;any capital contribution to another Person, by means of any transfer of cash or other property or in any other form, (iii)&nbsp;any purchase or acquisition of Equity Interests, bonds, notes or other Debt, or other similar instruments or securities issued by another Person, including the receipt of any of the above as consideration for the disposition of assets or rendering of services, or (iv)&nbsp;any Guarantee of any obligation of another Person. If Borrower sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary so that, after giving effect to that sale or disposition, such Person is no longer a Subsidiary of Borrower, all remaining Investments of Borrower in such Person shall be deemed to have been made at such time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>IR Account</b>&#148; means the interest reserve account maintained by Borrower with Account Bank in New York City</font> and subject to the Account Control Agreement, or any other account that replaces such account with the approval of Offshore Collateral Agent (acting at the instruction of the Requisite Lenders).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Ita&#250;</b>&#148; as defined in the preamble hereto.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Joint Venture</b>&#148; means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form; <u>provided</u> that in no event shall any corporate Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Law</b>&#148; means any applicable international, foreign, federal, state or local statute, treaty, guideline, regulation, ordinance, code or administrative or judicial precedent or authority, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof and any applicable administrative order, directed duty, request, license, authorization or permit of, or agreement with, any Governmental Authority.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">15<a name="PB_15_092518_2897"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Lender</b>&#148; means each financial institution listed on the signature pages&nbsp;hereto as a Lender, and any other Person that becomes a party hereto pursuant to an Assignment Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Leverage Ratio</b>&#148; means, as of the last date of any Fiscal Quarter, the ratio of: (x)&nbsp;the aggregate amount of consolidated Debt of Cablevisi&#243;n and its Subsidiaries as of such date to (y)&nbsp;the aggregate amount of EBITDA of Cablevisi&#243;n and its Subsidiaries for the four Fiscal Quarters ended on such date (the &#147;reference period&#148;). In making the foregoing calculation: during the reference period, pro forma effect will be given to: (A)&nbsp;the acquisition or disposition of companies, divisions or lines of businesses by Cablevisi&#243;n and its Subsidiaries, including any acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became a Subsidiary after the beginning of the reference period and (B)&nbsp;the discontinuation of any discontinued operations, in each case that have occurred since the beginning of the reference period as if such events had occurred, and, in the case of any disposition, the proceeds thereof applied, on the first day of the reference period. To the extent that pro forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be based upon the most recent four full Fiscal Quarters for which the relevant financial information is available.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Lien</b>&#148; means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or Capital Lease).</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>LIBOR</b>&#148; means, for any Interest Rate Determination Date with respect to an Interest Period, the rate <i>per annum</i> determined by Administrative Agent at approximately at 11:00 a.m.&nbsp;(London, England time) on such Interest Rate Determination Date to be the London interbank offered rate administered by the ICE Benchmark Administration (or any other person which takes over the administration of that rate) for deposits (for delivery on the first day of such period) with a term of three months in Dollars displayed on the ICE LIBOR USD page&nbsp;of the Reuters Screen (or any replacement Reuters page&nbsp;which displays that rate) or on the appropriate page&nbsp;of such other information service which publishes that rate from time to time in place of Reuters, or (b)&nbsp;in the event the rate referenced in the preceding clause (a)&nbsp;is not available, the rate <i>per annum</i> equal to the offered quotation rate to first class banks in the London interbank market by Administrative Agent for deposits (for delivery on the first day of the relevant Interest Period) in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of Administrative Agent, in its capacity as a Lender, for which LIBOR is then being determined with a maturity comparable to such Interest Period as of approximately 11:00 a.m.&nbsp;(London, England time) on such Interest Rate Determination Date; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, LIBOR shall at no time be less than <b>0</b>% <i>per annum</i>; provided, further, that with respect to any Interest Period that does not coincide to a length or period published ICE Benchmark Administration (or any other person which takes over the administration of that rate), &#147;LIBOR&#148; shall be determined through the use of straight-line interpolation by reference to two such rates, one of which shall be determined as if the length of the period of such deposits were the period of time for which the rate for such deposits are available is the period next shorter than the length of such Interest Period and the other of which shall be determined as if the period of time for which the rate for such deposits are available is the next longer period.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="PB_16_092532_3020"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Loan</b>&#148; means a Loan made by a Lender to Borrower pursuant to Section&nbsp;2.1(a).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Loan Exposure</b>&#148; means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Loans of such Lender plus such Lender&#146;s unused Commitment.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Margin Stock</b>&#148; as defined in Regulation&nbsp;U.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Market Price Per Share</b>&#148; means, for each Exchange Business Day: (A)&nbsp;prior to the Merger, a price equal to the lowest of: (i)&nbsp;the official closing sale price per GDR published by any stock exchange on which the GDRs are listed on such Exchange Business Day, (ii)&nbsp;the average of the last quoted bid and ask prices for the GDRs in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization, and (iii)&nbsp;the official closing sale price per Class&nbsp;B share of Borrower published by the Buenos Aires Stock Exchange on such Exchange Business Day <i>divided by</i> the Exchange Rate published on such Exchange Business Day; and (B)&nbsp;upon and following the Merger, a price equal to the lowest of: (i)&nbsp;the official closing sale price per ADR published by any stock exchange on which the ADRs are listed on such Exchange Business Day<i> divided</i> by five, (ii)&nbsp;the average of the last quoted bid and ask prices for the ADRs in the over-the-counter market on the relevant date as reported by the National Quotation Bureau or similar organization<i> divided </i>by five, and (iii)&nbsp;the official closing sale price per share of TEO published by the Buenos Aires Stock Exchange on such Exchange Business Day <i>divided by</i> the Exchange Rate published on such Exchange Business Day.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Material Adverse Effect</b>&#148; means a material adverse effect on (i)&nbsp;the business, operations, properties, assets, condition (financial or otherwise) or prospects of Borrower and its Subsidiaries taken as a whole; (ii)&nbsp;the ability of Borrower to perform its Obligations; (iii)&nbsp;the legality, validity, binding effect or enforceability against Borrower of a Credit Document to which it is a party; or (iv)&nbsp;the rights, remedies and benefits available to, or conferred upon, any Agent, any Lender or any Secured Party under any Credit Document.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Maturity Date</b>&#148; means the earlier of (a)&nbsp;the date falling 18 months after the date hereof, and (b)&nbsp;the date on which all Loans shall become due and payable in full hereunder, whether by acceleration or otherwise.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Merger</b>&#148; means the consummation of the merger of TEO and Cablevisi&#243;n S.A. in accordance in all material respects with the terms of the Merger Agreement, as a result of which Cablevisi&#243;n S.A. will be merged into TEO, following which TEO will be the surviving entity and Cablevisi&#243;n S.A. will be dissolved without liquidation and all of its assets and liabilities transferred to TEO, as applicable, in accordance with Argentine corporate law and the terms of the Merger Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Merger Agreement</b>&#148; means that certain preliminary merger agreement (<i>Compromiso Previo de Fusi&#243;n</i>) dated June&nbsp;30, 2017 between Cablevisi&#243;n S.A. and TEO, as it may be amended, modified or waived from time to time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Merger Collateral Release Date</b>&#148; means the first Business Day on which (i)&nbsp;the Merger has occurred and (ii)&nbsp;Borrower has replaced the Equity Interests in Cablevisi&#243;n that</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">formed part of the Collateral prior to the Merger with an equivalent amount (by value) of Equity Interests in TEO, in accordance with the requirements of the Cablevisi&#243;n Pledge Agreement.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Milestones</b>&#148; means the Milestones as defined in the Engagement Letter, as such term may be amended, modified or waived from time to time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Moody&#146;s</b>&#148; means Moody&#146;s Investors Service,&nbsp;Inc.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Net Asset Sale Proceeds</b>&#148; means, with respect to any Asset Sale, an amount equal to: (i)&nbsp;Cash payments (including any Cash received by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) received by Borrower from such Asset Sale, <u>minus</u> (ii)&nbsp;any bona fide direct costs incurred in connection with such Asset Sale, including (a)&nbsp;brokerage commissions and other fees and expenses related to such Asset Sale, including fees and expenses of counsel, accountants and investment bankers, (b)&nbsp;provisions for taxes as a result of such Asset Sale (without regard to the consolidated results of operations of Borrower and its Subsidiaries), including income or gains taxes payable by the seller as a result of any gain recognized in connection with such Asset Sale, (c)&nbsp;payment of the outstanding principal amount of, premium or penalty, if any, and interest on any Debt (other than the Loans) that is secured by a Lien on the stock or assets in question and that is required to be repaid under the terms thereof as a result of such Asset Sale and (d)&nbsp;any amounts required to be reserved or withheld as a reserve against liabilities associated with such Asset Sale, including pension and other post-employment benefit liabilities, liabilities related to environmental matters and indemnification obligations (fixed or contingent)&#160; in connection with such Asset Sale; <u>provided</u> that upon release of any such reserve for indemnity obligations, the amount released shall be considered Net Asset Sale Proceeds.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Net Equity Proceeds</b>&#148; means an amount equal to any Cash proceeds from a capital contribution to, or the issuance of any Equity Interests of, Borrower, net of (a)&nbsp;underwriting discounts and commissions, (b)&nbsp;provisions for taxes as a result of disposition of such Equity Interests, and (c)&nbsp;other reasonable costs and expenses associated therewith, including reasonable legal and accountants&#146; fees and expenses.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Non-Consenting Lender</b>&#148; as defined in Section&nbsp;2.19.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Non-Defaulting Lender</b>&#148; means, at any time, each Lender that is not a Defaulting Lender at such time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Obligations</b>&#148; means all obligations of every nature of Borrower, including obligations from time to time owed to Agents (including former Agents), Lenders or any of them, under any Credit Document, whether for principal, interest, fees, expenses, indemnification or otherwise.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Offshore Collateral Agent</b>&#148; means Citibank, N.A. (together with its permitted successors in such capacity).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Onshore Collateral Agent</b>&#148; means the branch of Citibank, N.A. established in the Republic of Argentina (together with its permitted successors in such capacity).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:74.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Organizational Documents</b>&#148; means (i)&nbsp;with respect to any corporation or company, its certificate, memorandum or articles of incorporation, organization or association, as amended, and its by-laws, as amended, (ii)&nbsp;with respect to any limited partnership, its certificate or declaration of limited partnership, as amended, and its partnership agreement, as amended, (iii)&nbsp;with respect to any general partnership, its partnership agreement, as amended, and (iv)&nbsp;with respect to any limited liability company, its articles of organization, as amended, and its operating agreement, as amended.&#160; In the event any term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such Organizational Document shall only be to a document of a type customarily certified by such governmental official.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Other Connection Taxes</b>&#148; means, with respect to an Agent or Lender, Taxes imposed as a result of a</font> present or former connection between such Agent or Lender and the jurisdiction imposing such Tax (other than connections arising from such Agent or Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Other Taxes</b>&#148; means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Credit Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made at the request of Borrower pursuant to Section&nbsp;2.19).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Participant Register</b>&#148; as defined in Section&nbsp;9.6(g)(i).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>PATRIOT Act</b>&#148; means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26, 2001).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Permitted Debt</b>&#148; means the Debt permitted pursuant to Section&nbsp;6.1.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Permitted Holder</b>&#148; means (a)&nbsp;GC Dominio S.A. and any of its successors and affiliates, any limited partnership of which any of them or their successors or affiliates is the general partner and any investment fund controlled or managed by any of them or their successors or Affiliates, and (b)&nbsp;any of (i)&nbsp;Hector Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro, (ii)&nbsp;the legitimate heirs by reason of death of each of Ernestina Laura Herrera de Noble, Hector Horacio Magnetto, Jos&#233; Antonio Aranda, Lucio Rafael Pagliaro, (iii)&nbsp;any Privileged Relatives of any of the individuals set forth in sub-clauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition, (iv)&nbsp;any trust the beneficiaries of which are any of the individuals set forth in sub-clauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any of such noted individuals, and (v)&nbsp;any Person (other than an individual) directly or indirectly majority owned or controlled by one or more individuals set forth in sub-clauses (b)(i)&nbsp;and (b)(ii)&nbsp;of this definition and/or any Privileged Relatives of any Permitted Holder or any one or more trustees of any trust set forth in clause (b)(iv)&nbsp;of this definition acting in such capacity.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Permitted Investments</b>&#148; means each of the Investments permitted pursuant to Section&nbsp;6.5.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Permitted Liens</b>&#148; means each of the Liens permitted pursuant to Section&nbsp;6.2.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Person</b>&#148; means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b><i style="font-weight:bold;">Pesos</i></b>&#148; means the lawful currency of Argentina.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Platform</b>&#148; as defined in Section&nbsp;5.2.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Preferred Stock</b>&#148; means, with respect to any Person, any and all Capital Stock which is preferred as to the payment of dividends or distributions, upon liquidation or otherwise, over another class of Capital Stock of such Person.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Principal Office</b>&#148; means, for Administrative Agent, its &#147;Principal Office&#148; as set forth on Appendix B, or such other office or office of a third party or sub-agent, as appropriate, as it may from time to time designate in writing to Borrower and each Lender.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Private Lenders</b>&#148; means Lenders that wish to receive Private-Side Information.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Private-Side Information</b>&#148; means any information with respect to Borrower and its Subsidiaries that is not Public-Side Information.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Privileged Relative</b>&#148; means, in relation to an individual, his or her spouse and any relative of such individual with a common ancestor up to the fourth degree (including adopted children who have been adopted during their minority and step-children who have acquired that relationship with such individual or with any such relative during their minority) and any spouse of any such relative.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Pro Rata Share</b>&#148; means with respect to all payments, computations and other matters relating to the Loan of any Lender, the percentage obtained by dividing (a)&nbsp;the Loan Exposure of that Lender by (b)&nbsp;the aggregate Loan Exposure of all Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Public Lenders&#148;</font></b> means Lenders that do not wish to receive Private-Side Information.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Public-Side Information</b>&#148; means information that is either (x)&nbsp;of a type that would be made publicly available if Borrower or any of its Subsidiaries were issuing securities pursuant to a public offering or (y)&nbsp;not material (for purposes of United States federal, state or other applicable securities laws) to make an investment decision with respect to securities of Borrower or any of its Subsidiaries.</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Qualified Equity Interests</b>&#148; means all Equity Interests of a Person other than Disqualified Equity Interests.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Register</b>&#148; as defined in Section&nbsp;2.4(b).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Regulation&nbsp;D</b>&#148; means Regulation&nbsp;D of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Regulation&nbsp;T</b>&#148; means Regulation&nbsp;T of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Regulation&nbsp;U</b>&#148; means Regulation&nbsp;U of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Regulation&nbsp;X</b>&#148; means Regulation&nbsp;X of the Board of Governors, as in effect from time to time and all official rulings and interpretations thereunder or thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Related Agreements</b>&#148; means, collectively, the Call Option Agreement, the Merger Agreement and any other material documents related to either the Acquisition or the Merger (excluding, for the avoidance of doubt, the TEO Shareholders&#146; Agreement and the Cablevisi&#243;n Shareholders&#146; Agreement).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Related Fund</b>&#148; means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans and that is managed by such Lender or by an Affiliate of such Lender.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Release</b>&#148; means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping, leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous Material through the air, soil, surface water or groundwater.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Replacement Lender</b>&#148; as defined in Section&nbsp;2.19.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Required IR Account Balance</b>&#148; means, on any date of determination, an amount of Cash at least equal to the total amount of interest payable on the Loans during the following six-month period.&#160; For purposes of calculating the Required IR Account Balance, (i)&nbsp;it shall be assumed that the outstanding principal amount of the Loans on each day during such six-month period will be the same as the amount outstanding on such date of determination after giving effect to the funding of any Loans on such date and (ii)&nbsp;any change in the interest rate applicable to the Loans due to a change in LIBOR or the Applicable Margin shall be given immediate effect on the date of such change.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Requisite Lenders</b>&#148; means one or more Lenders having or holding Loan Exposure and representing more than 50% of the aggregate Loan Exposures; <u>provided</u> that<u>,</u> for purposes of the definition of Requisite Lenders, any Lender that is an Affiliate of Borrower shall</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">not be considered a Lender and such Lender&#146;s Loan Exposure shall not be considered part of the aggregate Loan Exposures.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Restricted Junior Payment</b>&#148; means (i)&nbsp;any dividend or other distribution, direct or indirect, on account of any shares of any class of stock of Borrower now or hereafter outstanding; (ii)&nbsp;any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of stock of Borrower now or hereafter outstanding; (iii)&nbsp;any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of stock of Borrower now or hereafter outstanding; and (iv)&nbsp;management or similar fees payable to any direct or indirect parent of Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>S&amp;P</b>&#148; means Standard&nbsp;&amp; Poor&#146;s, a Division of The McGraw-Hill Companies,&nbsp;Inc.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Sanctions</b>&#148; as defined in Section&nbsp;4.23.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Sanctions Laws</b>&#148; as defined in Section&nbsp;4.23.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Secured Parties</b>&#148; means Agents and Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Securities</b>&#148; means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as &#147;securities&#148; or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Securities Act</b>&#148; means the Securities Act of 1933, as amended from time to time, and any successor statute.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Significant Subsidiary&#148;</font></b> means each Subsidiary that is a &#147;significant subsidiary&#148; as such term is defined in Regulation&nbsp;S-X of the U.S. Securities and Exchange Commission.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Share Market Value</b>&#148; means (A)&nbsp;on any calculation date prior to the Merger: (a)&nbsp;the average weighted Market Price Per Share of Borrower for the period of 30 days ending on the Business Day immediately prior to the calculation date (or, with respect to any calculation date on or prior to the initial Funding Date, for such shorter period as Borrower&#146;s shares have been listed for trading on the Buenos Aires Stock Exchange); <i>multiplied by</i> (b)&nbsp;the aggregate number of shares of Borrower issued and outstanding as of such date;<i> plus </i>(c)&nbsp;the aggregate amount of Debt issued or borrowed by Borrower and outstanding as of such calculation date;<i> divided by</i> (d)&nbsp;0.60 (or such other fraction representing the aggregate direct and indirect economic interests in Cablevisi&#243;n held by Borrower as of such date); <i>divided by</i> (e)&nbsp;the aggregate number of shares issued and outstanding in Cablevisi&#243;n on such date; and (B)&nbsp;on any calculation date upon and following the Merger, the average weighted Market Price Per Share of TEO for the period of 30 days ending on the Business Day immediately prior to the calculation date.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Spinco Interests</b>&#148; means 100% of the capital of a newly-formed entity established under the laws of the State of Delaware or a jurisdiction mutually agreed upon by the parties to the Call Option Agreement, the assets of which consist solely of any of (i)&nbsp;shares of Sofora Telecomunicaciones S.A., together with any rights to declared but unpaid dividends of TEO, (ii)&nbsp;class B preferred shares of Nortel Inversora S.A., together with any rights to declared but unpaid dividends of TEO and/or (iii)&nbsp;ordinary shares of TEO, together with any rights to declared but unpaid dividends (whether directly or in the form of American Depositary Shares), which in the aggregate will represent 13.51% of the total outstanding share capital of TEO on a fully diluted basis, together with any rights to declared but unpaid dividends, which as of July&nbsp;7, 2017 is represented by 130,969,944 shares of common stock of TEO, together with any right to declared but unpaid dividends.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Solvency Certificate</b>&#148; means a Solvency Certificate substantially in the form of <u>Exhibit&nbsp;E-2</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Solvent</b>&#148; means, with respect to Borrower, that, as of the date of determination, both (i)&nbsp;(a)&nbsp;the sum of Borrower&#146;s debt (including contingent liabilities) does not exceed the present fair saleable value of Borrower&#146;s present assets; (b)&nbsp;Borrower will not have unreasonably small capital with which to conduct its business operations as heretofore conducted; and (c)&nbsp;Borrower has not incurred and does not intend to incur debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii)&nbsp;Borrower is &#147;solvent&#148; within the meaning given to that term and similar terms under laws applicable to Borrower relating to fraudulent transfers and conveyances.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Subsidiary</b>&#148; means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the outstanding Voting Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the only general partners of which are, such Person and one or more Subsidiaries of such Person (or a combination thereof). Unless otherwise specified, &#147;Subsidiary&#148; means a Subsidiary of Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Stated Maturity</b>&#148; means (i)&nbsp;with respect to any Debt, the date specified as the fixed date on which the final installment of principal of such Debt is due and payable or (ii)&nbsp;with respect to any scheduled installment of principal of or interest on any Debt, the date specified as the fixed date on which such installment is due and payable as set forth in the documentation governing such Debt, not including any contingent obligation to repay, redeem or repurchase prior to the regularly scheduled date for payment.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Target Shares</b>&#148; means a number of membership interests of FT that will represent 13.51% of the total outstanding share capital of TEO on a fully diluted basis, together with any rights to declared but unpaid dividends, in accordance with the Call Option Agreement. The term Target Shares shall also include the VLG Membership Interests or Spinco Interests to be delivered in lieu of Fintech Advisory&#146;s right to deliver the membership interests in FT described in the immediately preceding sentence if Fintech Advisory exercises its right to deliver such VLG Membership Interests or Spinco Interests in accordance with the terms of the Call Option Agreement as in effect as of the date hereof.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Tax</b>&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding and value-added tax), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Tender Offer</b>&#148; means a tender offer (<i>Oferta P&#250;blica de Adquisici&#243;n</i>) of the Class&nbsp;B stock of TEO (including any such stock represented by American Depositary Receipts) that may be undertaken in connection with the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>TEO</b>&#148; means Telecom Argentina S.A., a <i>sociedad an&#243;nima</i> organized and existing under the laws of Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>TEO Shareholders&#146; Agreement</b>&#148; means that certain Shareholders&#146; Agreement of TEO dated as of July&nbsp;7, 2017 among VLG, Borrower, FT, FIA, Fintech Advisory and GC Dominio S.A., a company organized and existing under the laws of Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>Terminated Lender</b>&#148; as defined in Section&nbsp;2.19.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">&#147;<b>Total Cablevisi&#243;n Security</b>&#148; means, as of any date of determination, the total number of Equity Interests in Cablevisi&#243;n pledged under the Cablevisi&#243;n Pledge Agreement which</font>  </font>remain subject to a perfected First Priority security interest in favor of Onshore Collateral Agent, <i>multiplied by</i> the Share Market Value.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>UCC</b>&#148; means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>VLG</b>&#148; means VLG Argentina LLC, a limited liability company organized and existing under the laws of the State of Delaware.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;</font><b>VLG Membership Interests</b>&#148; means 21.55% of the total membership interests of VLG. VLG Membership Interests shall also refer to equity interests of any successors of VLG formed by split-off, including the VLG Split Off (as defined in the TEO Shareholders&#146; Agreement in effect as of the date hereof).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Voting Stock</b>&#148; means, with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote for the election of directors, managers or other voting members of the governing body of such Person.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2. Accounting Terms</font></b><b>.</b>&#160; Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with IFRS.&#160; Financial statements and other information required to be delivered by Borrower to Lenders pursuant to Sections&nbsp;5.1(a)&nbsp;and 5.1(b)&nbsp;shall be prepared in accordance with IFRS as in effect at the time of such preparation.&#160; If at any time any change in IFRS would affect the computation of any financial ratio or requirement set forth in any Credit Document, and Borrower shall so request, Administrative Agent and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in IFRS (subject to the approval of the Requisite Lenders); <u>provided</u> that, until so amended, such</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ratio or requirement shall continue to be computed in conformity with those accounting principles and policies used to prepare the Historical Financial Statements.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.3. Interpretation, Etc.</font></b>&#160; Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference.&#160; References herein to any Section, Appendix, Schedule or Exhibit&nbsp;shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided.&#160; The use herein of the word &#147;include&#148; or &#147;including&#148;, when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as &#147;without limitation&#148; or &#147;but not limited to&#148; or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter.&#160; A regulation includes any regulation (including, without limitation, the Argentine Foreign Exchange Regulations), rule, official directive or interpretation (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other Governmental Authority. Any statute or statutory provision or communication issued by the Central Bank or Argentine Foreign Exchange Regulations, or any regulation issued by any other Governmental Authority includes any statute or statutory provision or communication issued by the Central Bank or Argentine Foreign Exchange Regulations, or any regulation issued by any other Governmental Authority, which amends, supplements, modifies, extends, consolidates or replaces it, or which has been amended, supplemented, modified, extended, consolidated or replaced by it, and any orders, regulations, instruments or other subordinate legislation made under it. The terms lease and license shall include sub-lease and sub-license, as applicable.</p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;2. LOANS</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.1. Loans</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Loan Commitments</u>.&#160; Subject to the terms and conditions hereof, each Lender hereby severally agrees to lend to Borrower from time to time during the Availability Period an amount denominated in Dollars not exceeding its Pro Rata Share of the aggregate amount of the Commitments; <u>provided</u> that Borrower shall not be permitted to make more than three drawings of the Loans. Any amount borrowed under this Section&nbsp;2.1(a)&nbsp;and subsequently repaid or prepaid may not be reborrowed.&#160; Subject to Sections 2.9(a)&nbsp;and 2.10, all amounts owed hereunder with respect to the Loans shall be paid in full no later than the Maturity Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 9.35pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Borrowing Mechanics for Loans</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;When Borrower desires that Lenders make a disbursement of the Loans</font>, Borrower shall deliver to Administrative Agent a fully executed Funding Notice no later than 10:30 a.m.&nbsp;(New York City time) at least two Business Days in advance of the proposed Funding Date (or such shorter period as may be acceptable to Administrative Agent in its sole discretion).&#160; Promptly upon receipt by Administrative</p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agent of such Funding Notice, Administrative Agent shall notify each Lender of the proposed borrowing.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>Each Lender shall make the amount of its share of each disbursement of the Loans available to Administrative Agent not later than 12:00 p.m.&nbsp;(New York City time) on the relevant Funding Date, by wire transfer of same day funds in Dollars, at the principal office designated by Administrative Agent.&#160; Upon satisfaction or waiver of the conditions precedent specified herein, Administrative Agent shall make the proceeds of the disbursement of the Loans available to Borrower on each Funding Date by causing an amount of same day funds in Dollars equal to the proceeds of all such Loans received by Administrative Agent from Lenders to be credited to the account of Borrower at the Principal Office designated by Administrative Agent or to such other account as may be designated in writing to Administrative Agent by Borrower at least two Business Days prior to a Funding Date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Borrower shall take all actions that are necessary to comply with the Argentine Foreign Exchange Regulations so that it can access the Argentine Foreign Exchange Market in order to pay the interest and principal due under this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.2. Pro Rata Shares; Availability of Funds</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Pro Rata Shares</u>.&#160; Each disbursement of the Loans shall be made, and all participations purchased, by Lenders simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender&#146;s obligation to make a Loan requested hereunder or purchase a participation required hereby nor shall any Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender&#146;s obligation to make a Loan requested hereunder or purchase a participation required hereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;<u>Availability of Funds</u>.&#160; Unless Administrative Agent shall have been notified by any Lender in writing prior to the applicable Funding Date that such Lender does not intend to make available to Administrative Agent the amount of such Lender&#146;s share of the disbursement of the Loans requested on such Funding Date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such Funding Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to Borrower a corresponding amount on such Funding Date.&#160; If such corresponding amount is not in fact made available to Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Funding Date until the date such amount is paid to Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the rate which reflects Administrative Agent&#146;s costs of funds.&#160; In the event that (i)&nbsp;Administrative Agent declines to make a requested amount available to Borrower until such time as all applicable Lenders have made payment to Administrative Agent, (ii)&nbsp;a Lender fails to fund to Administrative Agent all or any portion of the Loans required to be funded by such Lender hereunder prior to the time specified in this Agreement and (iii)&nbsp;such Lender&#146;s failure results in Administrative Agent failing to</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">make a corresponding amount available to Borrower on the Funding Date, at Administrative Agent&#146;s option, such Lender shall not receive interest hereunder with respect to the requested amount of such Lender&#146;s Loans for the period commencing with the time specified in this Agreement for receipt of payment by Borrower through and including the time of Borrower&#146;s receipt of the requested amount.&#160; If such Lender does not pay such corresponding amount within one Business Day upon Administrative Agent&#146;s demand therefor, Administrative Agent shall promptly notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Funding Date until the date such amount is paid to Administrative Agent, at the rate </font>which reflects Administrative Agent&#146;s cost of funds, as determined by Administrative Agent.&#160; Nothing in this Section&nbsp;2.2(b)&nbsp;shall be deemed to relieve any Lender from its obligation to fulfill its Commitment hereunder or to prejudice any rights that Borrower may have against any Lender as a result of any default by such Lender hereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.3. Use of Proceeds</font></b>.&#160; The proceeds of the Loans shall be applied by Borrower to fund (i)&nbsp;the Acquisition, including funding Advanced Payments under the Call Option Agreement or paying the price payable to exercise the call option set forth in the Call Option Agreement and paying fees and expenses in connection with the Acquisition, (ii)&nbsp;the payment of fees and expenses in connection with this Agreement (including, without limitation, the fees set forth in Section&nbsp;2.7 of this Agreement and any applicable Taxes payable in connection with the Loans), (iii)&nbsp;the IR Account, (iv)&nbsp;the payment of withholding taxes, interest and fees related to the foregoing, (v)&nbsp;the payment in full of the outstanding Intercompany Debt owed by Borrower or any of its Subsidiaries and (vi)&nbsp;with the remainder following the application to clauses (i)-(v), a reserve for operating and financing costs for Borrower, including for application to interest payments under the Loans.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.4. Evidence of Debt; Register; Lenders&#146; Books and Records; Checks.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Lenders&#146; Evidence of Debt</u>.&#160; Each Lender shall maintain on its internal records an account or accounts evidencing the Obligations of Borrower to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof.&#160; Any such recordation shall constitute <i>prima facie </i>evidence thereof, absent manifest error; <u>provided</u> that the failure to make any such recordation, or any error in such recordation, shall not affect Borrower&#146;s Obligations in respect of any applicable Loans; and <u>provided further</u>, in the event of any inconsistency between the Register and any Lender&#146;s records, the recordations in the Register shall govern.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Register</u>.&#160; Administrative Agent (or its agent or sub-agent appointed by it), acting solely for this purpose as a non-fiduciary agent of Borrower, shall maintain at its Principal Office a register for the recordation of the names and addresses of Lenders and Loans of, and principal amounts (and stated interest) of the Loans owing to, each Lender from time to time (the <b>&#147;Register&#148;</b>).&#160; The Register shall be available for inspection by Borrower or any Lender (with respect to (i)&nbsp;any entry relating to such Lender&#146;s Loans, and (ii)&nbsp;the identity of the other Lenders (but not any information with respect to such other Lenders&#146; Loans)) at any reasonable time and from time to time upon reasonable prior notice.&#160; Administrative Agent shall record, or shall cause to be recorded, in the Register the</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans in accordance with the provisions of Section&nbsp;9.6, and each repayment or prepayment in respect of the principal amount of the Loans, and any such recordation shall be conclusive and binding on Borrower and each Lender, absent manifest error; <u>provided</u> that failure to make any such recordation, or any error in such recordation, shall not affect Borrower&#146;s Obligations in respect of any Loan.&#160; Borrower hereby designates Administrative Agent to serve as Borrower&#146;s non-fiduciary agent solely for purposes of maintaining the Register as provided in this Section&nbsp;2.4, and Borrower hereby agrees that, to the extent Administrative Agent serves in such capacity, Administrative Agent and its officers, directors, employees, agents, sub-agents and affiliates shall constitute &#147;Indemnitees.&#148;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Checks.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&nbsp;Borrower&#146;s obligation to pay the principal of, and interest on, each Loan made by any Lender shall also be guaranteed by the delivery to Onshore Collateral Agent for the benefit of Lenders of a deferred payment check for deposit only (<i>cheque de pago diferido no a la orden y cruzado</i>), issued in Pesos against the account of Borrower held with Banco Mariva S.A. for the initial Check or any other bank mutually acceptable to Borrower and Administrative Agent (the &#147;<b>Check Account</b>&#148;) in accordance with Section&nbsp;54 of Law 24,452, as amended and supplemented, and registered in accordance with Section&nbsp;55 of Law 24,452, as amended and supplemented, to Onshore Collateral Agent (a &#147;<b>Check</b>&#148;), duly executed and delivered on the initial Funding Date and each Funding Date thereafter, in respect of the Loans made on each such Funding Date and payable in each case 30 days after its issue date.&#160; The Check shall be issued in Pesos for an amount equal</font>  </font>to the aggregate outstanding principal amount of the Loans made on the relevant Funding Date, converted at the Exchange Rate on the Business Day prior to its issuance.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;Borrower shall be obliged to replace the Check one Business Day prior to the date such Check becomes payable, unless instructed in writing by Onshore Collateral Agent, acting upon the instructions of Administrative Agent (acting upon the instructions of the Requisite Lenders), that such replacement will not be required, and such replacement Check shall be (x)&nbsp;for an amount in Pesos equal to the aggregate outstanding principal amount of Loans on the date of issuance of such Check, converted at the Exchange Rate on the Business Day prior to its issuance, and (y)&nbsp;issued against the account of Borrower held with Banco Mariva S.A. or any other bank mutually acceptable to Borrower and Administrative Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Each Check and each replacement of the foregoing shall be delivered by Borrower to Onshore Collateral Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;By receipt of each Check, Onshore Collateral Agent shall be deemed to have agreed to: (x)&nbsp;receive such Check solely as further guaranty of Borrower&#146; obligation to pay the Loans in full when due and to hold such Check in custody for the benefit of Lenders; (y)&nbsp;refrain from endorsing or otherwise transferring such Check, and (z)&nbsp;deposit such Check only after receiving written notice from Administrative Agent that</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the outstanding principal amount under the Loans has become immediately due and payable pursuant to Section&nbsp;7.1 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;Upon any prepayment pursuant to Section&nbsp;2 hereof, Borrower shall be entitled to replace any Check held by Onshore Collateral Agent to reflect such prepayment.&#160; Any replacement Check issued pursuant to this Section&nbsp;2.4(c)(v)&nbsp;shall be for an amount in Pesos equal to the aggregate outstanding principal amount of Loans made on the date of issuance of such Check, converted at the Exchange Rate on the Business Day prior to its issuance.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.5. Interest on Loans</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>Except as otherwise set forth herein, the Loans shall bear interest on the unpaid principal amount thereof from the date made through repayment (whether by acceleration or otherwise) at a rate equal to LIBOR <u>plus</u> the Applicable Margin.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;In connection with the Loans there shall be no more than three (3)&nbsp;Interest Periods outstanding at any time.&#160; As soon as practicable after 11:00 a.m.&nbsp;(New York City time) on each Interest Rate Determination Date, Administrative Agent shall determine (which determination shall, absent manifest error, be final, conclusive and binding upon all parties) the interest rate that shall apply to the Loans for which an interest rate is then being determined for the applicable Interest Period and shall promptly give notice thereof (in writing) to Borrower and each Lender.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Interest payable pursuant to Section&nbsp;2.5(a)&nbsp;shall be computed on the basis of a 360-day year, for the actual number of days elapsed in the period during which it accrues.&#160; In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan or the last Interest Payment Date with respect to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; <u>provided</u> that if a Loan is repaid on the same day on which it is made, one day&#146;s interest shall be paid on that Loan.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font>Except as otherwise set forth herein, interest on each Loan (i)&nbsp;shall accrue on a daily basis and shall be payable in arrears on each Interest Payment Date with respect to interest accrued on and to each such payment date; (ii)&nbsp;shall accrue on a daily basis and shall be payable in arrears upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii)&nbsp;shall accrue on a daily basis and shall be payable in arrears at maturity of the Loans, including final maturity of the Loans.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.6. Default Interest</font></b><b>.</b>&#160; Upon the occurrence and during the continuance of an Event of Default under Section&nbsp;7.1(a), the principal amount of all Loans outstanding and, to the extent permitted by applicable law, any interest payments on the Loans or any fees or other amounts owed hereunder, shall thereafter bear interest payable on demand at a rate that is 2% <i>per annum</i> in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans.&#160; Payment or acceptance of the increased rates of interest provided for in this Section&nbsp;2.6 is not a</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Administrative Agent or any Lender.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.7. Fees</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>Borrower agrees to pay to Lenders commitment fees equal to (1)&nbsp;the average of the daily difference between (A)&nbsp;the Commitments and (B)&nbsp;the aggregate principal amount of all outstanding Loans, times (2)&nbsp;<b>1.05</b>% per annum.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;All fees referred to in Section&nbsp;2.7(a)&nbsp;shall be calculated on the basis of a 360-day year and the actual number of days elapsed and shall be (i)&nbsp;payable in arrears on (x)&nbsp;each Funding Date and (y)&nbsp;the final day of the Availability Period or such earlier date on which the Commitments are fully funded or terminated and (ii)&nbsp;paid to Administrative Agent at its Principal Office and upon receipt, Administrative Agent shall promptly distribute to each Lender its Pro Rata Share thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;Borrower agrees to pay on the initial Funding Date to each Lender party to this Agreement or to a designated Affiliate (<u>provided</u> that such designated Affiliate shall not be entitled to receive any greater additional payments under Section&nbsp;2.16(b)&nbsp;in respect of such payment than the relevant Lender would have received), as compensation for funding such Lender&#146;s Loans, an upfront fee in an amount equal to <b>1.50</b>% of the amount of such Lender&#146;s Commitment.&#160; Such fee shall be earned on the date hereof and shall be payable to each such Lender as a deduction from the proceeds of its Loan as and when funded on the initial Funding Date</font>; <u>provided</u> that, if the Loans are never funded for any reason other than the failure by Borrower to meet the condition precedent set forth in Section&nbsp;3.1(h), such fee shall be paid on the last day of the Availability Period (or such earlier day on which the Commitments are terminated) to Administrative Agent at its Principal Office, and upon receipt, Administrative Agent shall promptly distribute to each Lender its Pro Rata Share thereof.&#160; Such fee will be in all respects fully earned on the date hereof and non-refundable and non-creditable thereafter.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font>In addition to any of the foregoing fees, Borrower agrees to pay to Agents such other fees in the amounts and at the times as set forth in the Fee Letters.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.8. Repayment</font></b>.&#160; The outstanding principal amount of the Loans shall be repaid in full on the Maturity Date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.9. Voluntary Prepayments</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Voluntary Prepayments</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>Any time and from time to time Borrower may prepay the Loans on any Business Day in whole or in part in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>All such prepayments shall be made upon not less than three Business Days&#146; prior written notice given to Administrative Agent by 12:00 p.m.&nbsp;(New York City time) on the date required (and Administrative Agent will promptly transmit such notice</p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to each Lender).&#160; Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become due and payable on the prepayment date specified therein.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Voluntary Commitment Reductions</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>Borrower may, upon not less than three Business Days&#146; prior written notice to Administrative Agent (which written notice Administrative Agent will promptly transmit to each Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Commitments in an amount up to the amount by which the Commitments exceed the outstanding Loans at the time of such proposed termination or reduction; <u>provided</u> that any such partial reduction of the Commitments shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>Borrower&#146;s notice to Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Commitments shall be effective on the date specified in Borrower&#146;s notice and shall reduce the Commitment of each Lender proportionately to its Pro Rata Share thereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.10. Mandatory Prepayments/Commitment Reductions</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Asset Sales</u>.&#160; No later than the third Business Day following the date of receipt by Borrower of any Net Asset Sale Proceeds, Borrower shall prepay the Obligations due and owing as of such date as set forth in Section&nbsp;2.11(a)&nbsp;in an aggregate amount equal to such Net Asset Sale Proceeds.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Dividend Payments</u>.&#160; On the third Business Day immediately following the date of receipt by Borrower of the proceeds of any Cash dividend or distribution in respect of the Equity Interests held by Borrower in Cablevisi&#243;n, the applicable issuer of the Target Shares, or any other Subsidiary, Joint Venture or other entity in which Borrower holds Equity Interests, Borrower shall prepay the Obligations due and owing as of such date as set forth in Section&nbsp;2.11(a)&nbsp;in an aggregate amount equal to 100% of such cash proceeds, after deducting such amounts as may be necessary to pay (x)&nbsp;any estimated Taxes of Borrower payable during the period of 12 consecutive months in which such dividend or distribution is payable, and (y)&nbsp;any corporate expenses of Borrower not to exceed $10,000,000 in the aggregate in any period of 12 consecutive months.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Issuance of Equity Securities</u>.&#160; On the third Business Day immediately following the date of receipt by Borrower of any Net Equity Proceeds, Borrower shall prepay the Obligations due and owing as of such date as set forth in Section&nbsp;2.11(a)&nbsp;in an aggregate amount equal to 100% of such Net Equity Proceeds.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Issuance of Debt</u>.&#160; On the third Business Day immediately following the date of receipt by Borrower of any Cash proceeds from the incurrence of any Debt of Borrower (other than any Debt permitted pursuant to Section&nbsp;6.1), Borrower shall prepay the Obligations due and owing as of such date as set forth in Section&nbsp;2.11(a)&nbsp;in an</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">aggregate amount equal to 100% of such proceeds, net of (a)&nbsp;underwriting discounts and commissions, (b)&nbsp;provisions for taxes as a result of incurrence of such Debt, and (c)&nbsp;other reasonable costs and expenses associated therewith, including reasonable legal and accountants&#146; fees and expenses.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Change of Control</u>.&#160; If a Change of Control occurs, (i)&nbsp;Borrower shall promptly notify Administrative Agent in writing upon becoming aware of such Change of Control, (ii)&nbsp;thereafter no Lender shall be obligated to make additional Loans, and (iii)&nbsp;within three Business Days following the written demand of the Requisite Lenders, (x)&nbsp;Borrower shall prepay all outstanding Loans and (y)&nbsp;the Commitments shall be terminated.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font><u>Prepayment Certificate</u>.&#160; Concurrently with any prepayment of the Loans pursuant to Sections&nbsp;2.10(a)&nbsp;through 2.10(d), Borrower shall deliver to Administrative Agent a certificate of an Authorized Officer containing the calculation of the amount of the applicable net proceeds.&#160; In the event that Borrower shall subsequently determine that the actual amount received exceeded the amount set forth in such certificate, Borrower shall promptly make an additional prepayment of the Obligations due and owing as of such date in an amount equal to such excess, and Borrower shall concurrently therewith deliver to Administrative Agent a certificate of an Authorized Officer demonstrating the derivation of such excess.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.11. Application of Mandatory Prepayments</font></b>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;<u>Application of Mandatory Prepayments</u>.&#160; Any amount required to be paid pursuant to </font>Sections&nbsp;2.10(a)&nbsp;through 2.10(d)&nbsp;shall be applied as follows:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">first</font></i>, to pay any accrued but unpaid interest and, if such amount is insufficient to prepay 100% of the amounts outstanding under the Loans and all other Credit Documents and the amount on deposit in the IR Account at such time is less than Required IR Account Balance, then to fund the IR Account as needed to cause the amount on deposit therein to equal the Required IR Account Balance; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">second</font></i>, to prepay the Obligations due and owing as of such date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.12. General Provisions Regarding Payments</font></b>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>All payments by Borrower of principal, interest, fees and other Obligations shall be made in Dollars in same day funds, without defense, recoupment, setoff or counterclaim, free of any restriction or condition, and delivered to Administrative Agent not later than 12:00 p.m.&nbsp;(New York City time) on the date due at the Principal Office of Administrative Agent for the account of Agents, if applicable, and Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font>All payments in respect of the principal amount of the Loans shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid, and all such payments (and, in any event, any payments in respect of the Loans on a date when interest is due and payable with respect to the Loans) shall be applied to the payment of interest then due and payable before application to principal (or as set forth in Section&nbsp;2.11(a)).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Administrative Agent (or its agent or sub-agent appointed by it) shall promptly distribute to each Lender at such address as such Lender shall indicate in writing, such Lender&#146;s applicable Pro Rata Share of all payments and prepayments of principal and interest due hereunder, together with all other amounts due thereto, including all fees payable with respect thereto, to the extent received by Administrative Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font>Whenever any payment to be made hereunder with respect to any Loan shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the commitment fees payable under Section&nbsp;2.7(a).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font>Administrative Agent shall deem any payment by or on behalf of Borrower hereunder that is not made in same day funds prior to 12:00 p.m.&nbsp;(New York City time) on the due date therefor at the Principal Office of Administrative Agent, to be a non-conforming payment.&#160; Any such payment shall not be deemed to have been received by Administrative Agent until the later of (i)&nbsp;the time such funds become available funds, and (ii)&nbsp;the applicable next Business Day.&#160; Administrative Agent shall give prompt written notice to Borrower and each Lender if any payment is non-conforming.&#160; Any non-conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section&nbsp;7.1(a).&#160; Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate determined pursuant to Section&nbsp;2.6 from the date such amount was due and payable until the date such amount is paid in full.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font>If an Event of Default shall have occurred and not otherwise been waived, and the maturity of the Obligations shall have been accelerated pursuant to Section&nbsp;7.1, all payments or proceeds received by Agents in respect of any of the Obligations, or pursuant to any sale of, any collection from, or other realization upon all or any part of the Collateral, shall be applied in accordance with the following priority: (i)&nbsp;first, to pay any fees and other amounts due and owed under the Credit Documents to Agents, (ii)&nbsp;second, to pay any fees, accrued interest and other amounts due and owed under the Credit Documents to Lenders, ratably among the parties entitled thereto in accordance with the amounts of interest then due to such Lenders, (iii)&nbsp;third, to pay due and unpaid principal amounts to Lenders, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such Lenders, and (iv)&nbsp;fourth, the remainder, if any, to Borrower or its successors or assigns.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;Borrower waives any right pursuant to which Borrower may be entitled to pay the Obligations in a currency other than Dollars. If Borrower is not able to tender Dollars in payment of any Obligations as a result of the adoption of an applicable law, the taking of action by a Governmental Authority or the occurrence of any other circumstance which in any such case prohibits, prevents or limits the payment of Dollars at the </font>Principal Office, Borrower shall, to the fullest extent permitted by applicable law, during the continuance of such prohibition or restriction, make payments hereunder in Dollars at the Principal Office (y)&nbsp;by purchasing with Pesos any Dollar denominated public or private</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">debt or other securities traded in Argentina, and transferring and selling the same outside Argentina for Dollars; <u>provided</u> that the alternative payment mechanism described in this clause (y)&nbsp;continues to be a lawful mechanism for the acquisition of Dollars; or (z)&nbsp;by any other lawful mechanism for the acquisition of Dollars. No form of payment shall be deemed to constitute payment of the applicable Obligation until receipt by Administrative Agent at the </font>Principal Office of the full amount of Dollars due in respect thereof. All costs, expenses and Taxes payable in connection with compliance with this Section&nbsp;2.12(g)&nbsp;shall be for the account of Borrower. Borrower agrees that, notwithstanding any restriction or prohibition on access to the Argentine Foreign Exchange Market, any and all payments to be made under this Agreement and the other Credit Documents shall be made in Dollars. Nothing in the Credit Documents shall impair any of the rights of Lenders to receive payments due hereunder or justify Borrower in refusing to make payments due hereunder in Dollars for any reason whatsoever, including, without limitation, any of the following: (i)&nbsp;the purchase of Dollars in Argentina by any means becoming more onerous or burdensome for Borrower than as of the date hereof and (ii)&nbsp;the exchange rate in force in Argentina increasing significantly from that in effect as of the date hereof. Borrower waives the right to invoke any defense of payment impossibility (including any defense under Section&nbsp;1091 of the Argentine Civil and Commercial Code), impossibility of paying in Dollars (including the waiver of any right to invoke Section&nbsp;765 of the Argentine Civil and Commercial Code and assuming liability for any force majeure or act of god), or similar defenses or principles (including, without limitation, equity or sharing of efforts principles).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.13. Ratable Sharing</font></b><b>.</b>&#160; Lenders hereby agree among themselves that if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set-off or banker&#146;s lien, by counterclaim or cross action or by the enforcement of any right under the Credit Documents or otherwise, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Lender hereunder or under the other Credit Documents (collectively, the <b>&#147;Aggregate Amounts Due&#148;</b> to such Lender) which is greater than the proportion received by any other Lender in respect of the Aggregate Amounts Due to such other Lender, then the Lender receiving such proportionately greater payment shall (a)&nbsp;notify Administrative Agent and each other Lender in writing of the receipt of such payment and (b)&nbsp;apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that all such recoveries of Aggregate Amounts Due shall be shared by all Lenders in proportion to the Aggregate Amounts Due to them; <u>provided</u> that if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of Borrower or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest.&#160; Borrower expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker&#146;s lien, consolidation, set-off or counterclaim with respect to any and all monies owing by Borrower to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder.&#160; The provisions of this Section&nbsp;2.13 shall not be construed to apply to (a)&nbsp;any payment made by Borrower pursuant to and in</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (b)&nbsp;any payment obtained by any Lender as consideration for the assignment or sale of a participation in any of its Loans or other Obligations owed to it.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.14. Making or Maintaining Loans</font></b>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;<u>Inability to Determine Applicable Interest Rate</u>.&#160; </font>If prior to the commencement of any Interest Period for any amounts outstanding hereunder, (i)&nbsp;Administrative Agent determines (which determination shall be conclusive and binding to all parties) that, by reason of circumstances affecting the London interbank Eurodollar market, &#147;LIBOR&#148; cannot be determined pursuant to the definitions thereof, or (ii)&nbsp;the Requisite Lenders reasonably determine and notify Administrative Agent in writing that LIBOR for such Interest Period will not adequately reflect the cost to each such Lender of making or maintaining their <i>pro rata</i> share of the Loans for such Interest Period, then Administrative Agent shall give written notice (the &#147;<b>Rate Determination Notice</b>&#148;) thereof to Borrower and Lenders, detailing the circumstances which gave rise to the use of the alternate rate of interest (by telefacsimile or e-mail).&#160; If such notice is given by Requisite Lenders, during the 30 day period following such Rate Determination Notice (the &#147;<b>Negotiation Period</b>&#148;), the Requisite Lenders that notified Administrative Agent and Borrower shall negotiate in good faith with a view to agreeing upon a substitute interest rate basis for their pro rata share of the Loans that shall reflect the cost to such Lenders of funding their <i>pro rata</i> share of the Loans from alternative sources (the &#147;<b>Substitute Basis</b>&#148;) and if such Substitute Basis is so agreed upon during the Negotiation Period, upon written notice to Administrative Agent of such Substitute Basis, such Substitute Basis shall apply with respect to the <i>pro rata</i> share of the Loans of such Requisite Lenders in lieu of LIBOR to all Interest Periods commencing on or after the first day of the applicable Interest Period, until the circumstances giving rise to such notice have ceased to apply and such Requisite Lenders have notified Administrative Agent in writing that such Substitute Basis should no longer apply in lieu of LIBOR.&#160; If a Substitute Basis is not agreed upon during the Negotiation Period, Borrower may elect to prepay the Requisite Lenders&#146;<i> pro rata</i> share of the Loans pursuant to Section&nbsp;2.9(a); <u>provided</u>, <u>however</u>, that if Borrower does not elect so to prepay, each of the Requisite Lenders shall reasonably determine (and shall certify from time to time in a certificate delivered by such Lenders to Administrative Agent and Borrower setting forth in reasonable detail the basis of the computation of such amount) the per annum rate basis reflecting the cost to such Requisite Lenders of funding their<i> pro rata</i> share of the Loans for the Interest Period commencing on or after the first day of the applicable Interest Period, until the circumstances giving rise to such notice have ceased to apply, and the Requisite Lenders have notified Administrative Agent that such Substitute Basis should no longer apply in lieu of LIBOR, and such rate basis shall be binding upon Borrower and such Requisite Lenders and shall apply in lieu of LIBOR for the relevant Interest Period.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Illegality</u>.&#160; In the event that on any date any Lender shall have determined (which determination shall be final and conclusive and binding upon all parties hereto) that the making or maintaining of its Loans has become unlawful as a result of compliance by such Lender in good faith with any law, treaty, governmental rule,</p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">regulation, guideline or order (or would conflict with any such treaty, governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful), then such Lender shall be an <b>&#147;Affected Lender&#148;</b> and such Affected Lender shall on that day give written notice to Borrower and Administrative Agent of such determination (which notice Administrative Agent shall promptly transmit to each other Lender).&#160; If Administrative Agent receives a notice from any Lender pursuant to the preceding sentence, then (1)&nbsp;the obligation of the Lender to make Loans shall be suspended until such notice shall be withdrawn by such Affected Lender, (2)&nbsp;such Lender&#146;s obligations to maintain its respective outstanding Loans (the <b>&#147;Affected Loans&#148;</b>) shall be terminated at the earlier to occur of the expiration of the Interest Period then in effect with respect to the Affected Loans or when required by law, and (3)</font>&nbsp;to the extent that the Affected Lender&#146;s Loans and Commitments have not been assigned pursuant to Section&nbsp;2.19, the Affected Loans shall be repaid by Borrower on the date of such termination.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Compensation for Breakage or Non-Commencement of Interest Periods</u>.&#160; Borrower shall compensate each Lender, upon written request by such Lender (which request shall set forth the basis for requesting such amounts), for all reasonable losses, expenses and liabilities (including any interest paid or payable by such Lender to lenders of funds borrowed by it to make or carry its Loans and any loss, expense or liability sustained by such Lender in connection with the liquidation or re-employment of such funds but excluding loss of anticipated profits) which such Lender may sustain: (i)&nbsp;if for any reason (other than a default by such Lender) a borrowing of any Loan does not occur on a date specified therefor in a Funding Notice; (ii)&nbsp;if any prepayment or other principal payment of any of its Loans occurs on a date prior to the last day of an Interest Period applicable to that Loan; or (iii)&nbsp;if any prepayment of any of its Loans is not made on any date specified in a notice of prepayment given by Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Booking of Loans</u>.&#160; Any Lender may make, carry or transfer Loans at, to, or for the account of any of its branch offices or the office of an Affiliate of such Lender.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Assumptions Concerning Funding of Loans</u>.&#160; Calculation of all amounts payable to a Lender under this Section&nbsp;2.14 and under Section&nbsp;2.15 shall be made as though such Lender had actually funded each of its relevant Loans through the purchase of a Eurodollar deposit bearing interest at the rate obtained pursuant to clause (a)&nbsp;of the definition of &#147;LIBOR&#148; in an amount equal to the amount of such Loan and having a maturity of three months and through the transfer of such Eurodollar deposit from an offshore office of such Lender to a domestic office of such Lender in the United States of America; <u>provided</u>, <u>however</u>, that each Lender may fund each of its Loans in any manner it sees fit and the foregoing assumptions shall be utilized only for the purposes of calculating amounts payable under this Section&nbsp;2.14 and under Section&nbsp;2.15.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.15. Increased Costs; Capital Adequacy</font></b>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;<u>Compensation For Increased Costs and Taxes</u>.&#160; In the event that any Lender shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that (A)&nbsp;any law, treaty or governmental rule, regulation or order of general application, or any change therein or in the</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">interpretation, administration or application thereof (regardless of whether the underlying law, treaty or governmental rule, regulation or order was issued or enacted prior to the date hereof), including the introduction of any new law, treaty or governmental rule, regulation or order but excluding solely proposals thereof, or any determination of a court or Governmental Authority, in each case that becomes effective after the date hereof</font> (or, in the case of a Lender that acquired its interest in a Loan pursuant to an assignment under Section&nbsp;9.6, after the effective date of such assignment), or (B)&nbsp;any guideline, request or directive by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law) of general application or any implementation rules&nbsp;or interpretations of previously issued guidelines, requests or directives, in each case that is issued or made after the date hereof: (i)&nbsp;subjects such Lender (or its applicable lending office) to any additional Taxes described in clause (a)&nbsp;of the definition of Excluded Taxes (other than Connection Income Taxes) with respect to this Agreement or any of the other Credit Documents or any of its obligations hereunder or thereunder or any payments to such Lender (or its applicable lending office) of principal, interest, fees or any other amount payable hereunder; (ii)&nbsp;imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, liquidity, compulsory loan, FDIC insurance or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender (other than any such reserve or other requirements with respect to Loans that are reflected in the definition of &#147;LIBOR&#148;); or (iii)&nbsp;imposes any other condition (other than with respect to a Tax matter) on or affecting such Lender (or its applicable lending office) or such Lender&#146;s obligations hereunder or the London interbank market; and the result of any of the foregoing is to increase the cost to such Lender of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable by such Lender (or its applicable lending office) with respect thereto; then, in any such case, Borrower shall promptly pay to such Lender, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or in a lump sum or otherwise as such Lender in its sole discretion shall determine) as may be necessary to compensate such Lender for any such increased cost or reduction in amounts received or receivable hereunder.&#160; Such Lender shall deliver to Borrower (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Lender under this Section&nbsp;2.15(a), which statement shall be conclusive and binding upon all parties hereto absent manifest error.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Capital Adequacy and Liquidity Adjustment</u>.&#160; In the event that any Lender shall have determined (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that (A)&nbsp;the adoption, effectiveness, phase-in or applicability of any law, rule&nbsp;or regulation (or any provision thereof) regarding capital adequacy or liquidity, or any change therein or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or (B)&nbsp;compliance by any Lender (or its applicable lending office) with any guideline, request or directive regarding capital adequacy or liquidity (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, in each case after the date hereof (or, in the</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">case of a Lender that acquired its interest in a Loan pursuant to an assignment under Section&nbsp;9.6, after the effective date of such assignment), has or would have the effect of reducing the rate of return on the capital of such Lender as a consequence of, or with reference to, such Lender&#146;s Loans or other obligations hereunder with respect to the Loans to a level below that which such Lender could have achieved but for such adoption, effectiveness, phase-in, applicability, change or compliance (taking into consideration the policies of such Lender with regard to capital adequacy and liquidity), then, in each case by an amount that such Lender reasonably deems to be material, from time to time, within ten Business Days after receipt by Borrower from such Lender of the statement referred to in the next sentence, Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such controlling company on an after-tax basis for such reduction. Such Lender shall deliver to Borrower (with a copy to Administrative Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to Lender under this Section&nbsp;2.15(b), which statement shall be conclusive and binding upon all parties hereto absent manifest error.&#160; For the avoidance of doubt, subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;2.15 shall apply to all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any United States regulatory authority (i)&nbsp;under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and (ii)&nbsp;in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority), regardless of the date adopted, issued, promulgated or implemented.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.16. Taxes; Withholding, Etc.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Payments to Be Free and Clear</u>.&#160; All sums payable by or on behalf of Borrower hereunder and under the other Credit Documents shall (except to the extent required by Law) be paid free and clear of, and without any deduction or withholding on account of, any Tax now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority of Argentina or any other jurisdiction from which Borrower elects to make payments or by any political subdivisions or taxing authorities thereof or therein.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;<u>Withholding of Taxes</u>.&#160; If Borrower or any other Person (acting as a withholding agent) is (in such withholding agent&#146;s reasonable good faith discretion) required by law to make any deduction or withholding on account of any such Tax from any sum paid or payable by Borrower to Administrative Agent or any Lender under any of the Credit Documents: (i)&nbsp;Borrower shall notify Administrative Agent of any such requirement or any change in any such requirement as soon as Borrower becomes aware of it; (ii)&nbsp;Borrower shall pay, or cause to be paid, any such Tax before the date on which penalties attach thereto, such payment to be made (if the liability to pay is imposed on Borrower) for its own account or (if that liability is imposed on Administrative Agent or such Lender, as the case may be) on behalf of and in the name of Administrative Agent or such Lender; (iii)&nbsp;if and to the extent such Tax is an Indemnified Tax, the sum payable by Borrower in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment, (including such deductions and withholdings applicable to</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">additional sums payable under this Section&nbsp;2.16(b)) Administrative Agent or such Lender, as the case may be, receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made; and (iv)&nbsp;within twenty (20) Business Days of any payment of any Tax which it is required by clause (ii)&nbsp;above to pay, Borrower shall deliver to Administrative Agent evidence satisfactory to the other affected parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other authority; <u>provided</u> that no such additional amount shall be required to be paid to any Lender (other than a Lender that becomes a Lender pursuant to Section&nbsp;2.19) under clause (iii)&nbsp;above except to the extent that any change after the date hereof (in the case of each Lender listed on the signature pages&nbsp;hereof on the date hereof) or after the effective date of the Assignment Agreement pursuant to which such Lender became a Lender (in the case of each other Lender) in any such requirement for a deduction, withholding or payment as is mentioned therein shall result in an increase in the rate of such deduction, withholding or payment from that in effect at the date hereof or at the effective date of such Assignment Agreement, as the case may be, in respect of payments to such Lender; <u>provided further</u> that additional amounts shall be payable to a Lender up to, but not in excess of, the amount of any deduction, withholding or payment that would apply to such Lender if it were a </font>Basel Bank and otherwise meets the requirements of Section&nbsp;93 paragraph (c)&nbsp;of the Argentine Income Tax Law, even if such Lender&#146;s assignor was entitled to receive payments under the Credit Documents subject to a lower rate of withholding or deduction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Without limiting the provisions of Section&nbsp;2.16(b), Borrower shall timely pay all Other Taxes to the relevant Governmental Authorities in accordance with applicable law.&#160; Borrower shall deliver to Administrative Agent official receipts or other evidence of such payment reasonably satisfactory to Administrative Agent in respect of any Other Taxes payable hereunder promptly after payment of such Other Taxes.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font>Borrower shall indemnify any Agent and any Lender for the full amount of Indemnified Taxes arising in connection with payments made under this Agreement or any other Credit Document and any Indemnified Taxes (including any such Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section&nbsp;2.16) paid by Administrative Agent or Lender or any of their respective Affiliates and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to Borrower shall be conclusive absent manifest error. Such payment shall be due within ten (10)&nbsp;days of Borrower&#146;s receipt of such certificate.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font>If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section&nbsp;2.16 (including additional amounts pursuant to this Section&nbsp;2.16), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section&nbsp;2.16 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund).&#160; Such indemnifying party, upon the request of such indemnified</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (e)&nbsp;(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.&#160; Notwithstanding anything to the contrary in this paragraph (e), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (e)&nbsp;the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.&#160; This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;If a Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under this Agreement or any other Credit Document, it shall deliver to Borrower and Administrative Agent, at the time or times reasonably requested by Borrower or Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. Notwithstanding anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation shall not be required if in the Lender&#146;s reasonable judgment such completion, execution or submission would subject the Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of the Lender.</font> If a payment made to a Lender under any Credit Document would be subject to withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b)&nbsp;or 1472(b)&nbsp;of the Code, as applicable), such Lender shall deliver to Borrower and Administrative Agent, as applicable, at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i)&nbsp;of the Code) as may be necessary for Borrower and Administrative Agent, to comply with their obligations under FATCA and to determine the amount to deduct and withhold from such payment. Each Lender agrees that if any form or certification it previously delivered pursuant to this Section&nbsp;expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify Borrower and Administrative Agent, in writing of its legal inability to do so.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.17. Obligation to Mitigate</font></b>.&#160; Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under Section&nbsp;2.14, 2.15 or 2.16, it will, to the extent not inconsistent with the internal policies of such Lender (consistently applied to other similarly situated borrowers) and any applicable legal or regulatory restrictions, use reasonable efforts to (a)&nbsp;make, fund or maintain its Loans, including any Affected Loans, through another office of such Lender, or (b)&nbsp;take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to Section&nbsp;2.14, 2.15 or 2.16 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of its Commitment or Loans through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Lender&#146;s Commitment or Loans or the interests of such Lender; <u>provided</u> that such Lender will not be obligated to utilize such other office pursuant to this Section&nbsp;2.17 unless Borrower agrees to pay all incremental expenses incurred by such Lender as a result of utilizing such other office as described above.&#160; A certificate as to the amount of any such expenses payable by Borrower pursuant to this Section&nbsp;2.17 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Borrower (with a copy to Administrative Agent) shall be conclusive absent manifest error.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.18. Defaulting Lenders</font></b><b>.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Defaulting Lender Adjustments</u>.&#160; Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font><u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section&nbsp;7 or otherwise) or received by Administrative Agent from a Defaulting Lender pursuant to Section&nbsp;9.4 shall be applied upon receipt by Administrative Agent as follows: <i>first</i>, to the payment of any amounts owing by such Defaulting Lender to the Agents hereunder; <i>second</i>, as Borrower may request (so long as no Default or Event of Default shall have occurred and be continuing), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; <i>third</i>, if requested by Borrower in writing, to be held in a Deposit Account and released pro rata in order to satisfy such Defaulting Lender&#146;s potential future funding obligations with respect to Loans under this Agreement and; <i>fourth</i>, to the payment of any amounts owing to Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; <i>fifth</i>, so long as no Default or Event of Default shall have occurred and be continuing, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender&#146;s breach of its obligations under this Agreement; and <i>sixth</i>, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x)&nbsp;such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y)&nbsp;such Loans were made at a time when the conditions set forth in Sections 3.1 and 3.2, as applicable, were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in accordance with the applicable Commitments. Any payments,</p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font><u>Certain Fees</u>.&#160; No Defaulting Lender shall be entitled to receive any fee pursuant to Section&nbsp;2.7 for any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Defaulting Lender Cure</u>.&#160; If Borrower and Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of the outstanding Loans of the other Lenders or take such other actions necessary to cause the Loans to be held pro rata by the Lenders in accordance with the applicable Commitments, whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; and <u>provided further</u> that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.19. Removal or Replacement of a Lender</font></b><b>.</b>&#160; Anything contained herein to the contrary notwithstanding, in the event that: (a)&nbsp;(i)&nbsp;any Lender (an <b>&#147;Increased-Cost Lender&#148;</b>) shall give notice to Borrower that such Lender is an Affected Lender or that such Lender is entitled to receive payments under Section&nbsp;2.14, 2.15 or 2.16, (ii)&nbsp;the circumstances which have caused such Lender to be an Affected Lender or which entitle such Lender to receive such payments shall remain in effect, and (iii)&nbsp;such Lender shall fail to withdraw such notice within five Business Days after Borrower&#146;s request for such withdrawal; or (b)&nbsp;(i)&nbsp;any Lender shall become and continues to be a Defaulting Lender, and (ii)&nbsp;such Defaulting Lender shall fail to cure the default pursuant to Section&nbsp;2.18(b)&nbsp;within five Business Days after Borrower&#146;s request that it cure such default; or (c)&nbsp;in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section&nbsp;9.5(b), the consent of Requisite Lenders shall have been obtained but the consent of one or more of such other Lenders (each a &#147;<b>Non-Consenting Lender</b>&#148;) whose consent is required shall not have been obtained; then, with respect to each such Increased-Cost Lender, Defaulting Lender or Non-Consenting Lender (the &#147;<b>Terminated Lender</b>&#148;), Borrower may, by giving written notice to Administrative Agent and any Terminated Lender of its election to do so, elect to cause such Terminated Lender (and such Terminated Lender hereby irrevocably agrees) to assign its outstanding Loans and its Commitment, if any, in full to one or more Eligible Assignees (each a &#147;<b>Replacement Lender</b>&#148;) in accordance with the provisions of Section&nbsp;9.6 and Borrower shall pay the fees, if any, payable thereunder in connection with any such assignment from an Increased-Cost Lender, a Non-Consenting Lender or a Defaulting Lender; <u>provided</u> that (1)&nbsp;on the date of such assignment, the Replacement Lender shall pay to the Terminated Lender an amount equal to the sum of (A)&nbsp;an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender and (B)&nbsp;an amount equal to all accrued, but</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">theretofore unpaid fees owing to such Terminated Lender pursuant to Section&nbsp;2.7; (2)&nbsp;on the date of such assignment, Borrower shall pay any amounts payable to such Terminated Lender pursuant to Section&nbsp;2.14(c), 2.15 or 2.16; or otherwise as if it were a prepayment, and (3)&nbsp;in the event such Terminated Lender is a Non-Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non-Consenting Lender.&#160; Upon the payment of all amounts owing to any Terminated Lender and the termination of such Terminated Lender&#146;s Commitment, if any, such Terminated Lender shall no longer constitute a &#147;Lender&#148; for purposes hereof; <u>provided</u> that any rights of such Terminated Lender to indemnification hereunder shall survive as to such Terminated Lender.&#160; Each Lender agrees that if Borrower exercises its option hereunder to cause an assignment by such Lender as a Terminated Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such assignment in accordance with Section&nbsp;9.6.&#160; In the event that such Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice, such Lender hereby authorizes and directs Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section&nbsp;9.6 on behalf of a Terminated Lender and any such documentation so executed by Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section&nbsp;9.6.&#160; Any removal of Administrative Agent or its successor as a Defaulting Lender pursuant to this Section&nbsp;shall also constitute the removal of Administrative Agent or its successor as Administrative Agent pursuant to Section&nbsp;8.7.</font></p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;3. CONDITIONS PRECEDENT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.1. Conditions to Initial Funding Date</font></b>.&#160; The obligation of each Lender to make a Loan on the initial Funding Date is subject to the satisfaction, or waiver in accordance with Section&nbsp;9.5, of the following conditions precedent:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Funding Notice</u>.&#160; Administrative Agent shall have received a fully executed and delivered Funding Notice;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Representations and Warranties</u>.&#160; As of the initial Funding Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of the initial Funding Date to the same extent as though made on and as of that date; <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>No Default or Event of Default</u>.&#160; As of the initial Funding Date, no event shall have occurred and be continuing or would result from the making of the Loans on such date that would constitute an Event of Default or a Default;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Fees and Expenses</u>.&#160; Borrower shall have paid to each Agent and each Lender the fees payable on or before the initial Funding Date referred to in Section&nbsp;2.7 and all expenses payable pursuant to Section&nbsp;9.2 which have accrued to the initial Funding Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Check</u>.&#160; On the initial Funding Date, an original duly executed Check shall have been delivered by Borrower to Onshore Collateral Agent in a principal amount equal to the Loans outstanding as of such date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font><u>IR Account and Cash Collateral Account</u>.&#160; Borrower shall have caused to be established with Account Bank the IR Account and the Cash Collateral Account.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;</font><u>No Material Adverse Effect</u>.&#160; Since the date of this Agreement, there shall have been, in the reasonable opinion of the Requisite Lenders, no (i)&nbsp;event, change, development, condition or circumstance which, individually or in the aggregate (with any other events, changes, developments, conditions or circumstances), has had or could reasonably be expected to result in a Material Adverse Effect, (ii)&nbsp;circumstance, change or condition in the loan syndication or financial markets generally or in the market for new issuances of leveraged loans in particular that could reasonably be expected to materially impair the marketability of the Loans, or (iii)&nbsp;materially adverse circumstance, change or condition in Argentina or in the market for loans to Argentine companies.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;</font><u>Collateral</u>.&#160; Borrower shall have created in favor of Collateral Agents, for the benefit of Secured Parties, a valid, perfected First Priority security interest in the personal property Collateral, and Borrower shall have:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>delivered to Collateral Agents three copies of each of the Account Security Agreement, the Cablevisi&#243;n Pledge Agreement and the Account Control Agreement, each originally executed and delivered by the parties thereto;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>delivered to Onshore Collateral Agent an executed copy of the CV Shareholder Letter together with evidence satisfactory to Administrative Agent (acting on the instructions of the Requisite Lenders) that it shall have been delivered to its addressees&#146; representative or counsel;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;</font>complied with its obligations as of such date under the Account Security Agreement, the Cablevisi&#243;n Pledge Agreement, the Account Control Agreement and the other Collateral Documents (including its obligation to execute or authorize, as applicable, and any agreements governing deposit and/or securities accounts as provided therein); and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;</font>delivered to Onshore Collateral Agent a copy of the relevant page&nbsp;of Cablevisi&#243;n&#146;s stock ledger, duly notarized, evidencing the registration of the pledge created on the Equity Interests owned by Borrower in Cablevisi&#243;n that comprise the Collateral, in each case in the name of Onshore Collateral Agent and for the benefit and in favor of the Secured Parties.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font><u>Minimum Collateralization Ratio</u>.&#160; Administrative Agent shall have received a certificate of Borrower stating that the Collateralization Ratio, calculated as of the Business Day immediately prior to initial Funding Date and after giving effect to the borrowing of the Loans on such date, shall be equal to or greater than 2.50:1.00.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&nbsp;<u>Opinions</u>.&#160; </font>Administrative Agent shall have received (delivered in escrow for release on the initial Funding Date) executed copies of the written opinions of (i)&nbsp;Cleary Gottlieb Steen&nbsp;&amp; Hamilton LLP, special New York counsel for Borrower, in the form of <u>Exhibit&nbsp;I-1</u>, (ii)&nbsp;Linklaters LLP, special New York counsel for Arrangers, (iii)&nbsp;Saenz Valiente y Asociados, special Argentine counsel for Borrower, in the form of <u>Exhibit&nbsp;I-2</u>, and (iv)&nbsp;Marval, O&#146;Farrell&nbsp;&amp; Mairal, special Argentine counsel for Arrangers, dated as of the initial Funding Date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&nbsp;</font><u>Necessary Governmental Authorizations and Consents; Expiration of Waiting Periods, Etc</u>.&#160; All of the conditions to the closing of the transactions contemplated by the Call Option Agreement relating to Governmental Authorizations and consents of other Persons set forth in the Call Option Agreement shall have been satisfied in all material respects (subject to any waiver of such obligations under the Call Option Agreement, other than any such waiver which has had or could reasonably be expected to have a Material Adverse Effect) other than, for the avoidance of doubt, any Governmental Authorizations and consents of other Persons with respect to the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&nbsp;</font><u>Related Agreements</u>.&#160; On the initial Funding Date, Administrative Agent shall have received, to the extent not publicly available pursuant to a filing made under listing rules&nbsp;to which any party to a Related Agreement is subject, a fully executed or conformed copy of each Related Agreement and all exhibits and schedules thereto.&#160; Each Related Agreement shall be in full force and effect and no provision thereof shall have been modified since July&nbsp;7, 2017 in any material respect in any form other than (i)&nbsp;in order to comply with the provisions of this Agreement or the other Credit Documents or (i)&nbsp;otherwise in form and substance reasonably satisfactory to the Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&nbsp;</font><u>Acquisition</u>.</p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;Administrative Agent shall have received an officer&#146;s certificate of Borrower setting forth the uses of funds for the initial Funding Date transactions and stating that Borrower will proceed to make one or more Advance Payments under the Call Option Agreement in anticipation of the exercise of its call option rights pursuant to the Call Option Agreement as soon as this is permitted by the Call Option Agreement.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(n)&nbsp;<u>Absence of Material Litigation</u>.&#160; On initial Funding Date, there shall be no action, suit, proceeding, hearing (in each case, whether administrative, judicial or arbitration</font>  </font>or otherwise), governmental investigation or arbitration at law or in equity, or before or by any Governmental Authority, whether pending or, to the knowledge of Borrower or any of its Subsidiaries, threatened in writing against Borrower or any of its Subsidiaries, in each case, is reasonably likely to be adversely determined and, if so determined, is reasonably likely to restrain, prevent or impose materially burdensome conditions on the consummation of the Acquisition, the financing hereof or any of the other transactions contemplated by the Credit Documents or the Related Agreements, or that could have a Material Adverse Effect.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&nbsp;</font><u>Form&nbsp;U-1</u>.&#160; Each Lender that has requested the same shall have received a purpose statement on Form&nbsp;U-1 under Regulation U duly completed and executed by Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&nbsp;<u>Organizational Documents; Incumbency</u>.&#160; Administrative Agent and Lenders shall have received, in respect of Borrower, (i)&nbsp;sufficient copies of each Organizational Document; (ii)&nbsp;signature and incumbency certificates of the officers of Borrower, including one or more officers of Borrower who are authorized to execute Funding Notices delivered under this Agreement; and (iii)&nbsp;resolutions of the Board of Directors or similar governing body of Borrower approving and authorizing the execution, delivery and performance of this Agreement and the other Credit Documents and the Related Agreements to which it is a party or by which it or its assets may be bound as of the initial Funding Date, certified as of the initial Funding Date by an Authorized Officer as being in full force and effect without modification or amendment.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&nbsp;</font><u>Governmental Authorizations and Consents</u>.&#160; Borrower shall have obtained all&nbsp;Governmental Authorizations and all consents of other Persons, in each case that are necessary to execute the Credit Documents and perform the transactions contemplated thereunder, and each of the foregoing shall be in full force and effect, other than, for the avoidance of doubt, any Governmental Authorizations and consents of other Persons with respect to the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&nbsp;</font><u>Financial Statements</u>.&#160; Administrative Agent and Lenders shall have received from Borrower the Historical Financial Statements.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&nbsp;</font><u>Solvency Certificate</u>.&#160; On the initial Funding Date, Administrative Agent shall have received the Solvency Certificate from Borrower.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&nbsp;<u>Initial Funding </u></font><u>Date Certificate</u>.&#160; Borrower shall have delivered to Administrative Agent and Lenders an originally executed Initial Funding Date Certificate, together with all attachments thereto.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&nbsp;<u>Process Agent</u></font>.&#160; Borrower shall have delivered to Administrative Agent and Lenders a written confirmation evidencing the appointment of the agent for service of process.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.2. Conditions to all subsequent Funding Dates</font></b>.&#160; The obligation of each Lender to make any Loan on any Funding Date after the initial Funding Date is subject to the satisfaction, or waiver in accordance with Section&nbsp;9.5, of the following conditions precedent:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Funding Notice</u>.&#160; Administrative Agent shall have received a fully executed and delivered Funding Notice.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Representations and Warranties</u>.&#160; As of such Funding Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of such Funding Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">warranties shall have been true and correct in all material respects on and as of such earlier date; <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>No Default or Event of Default</u>.&#160; As of such Funding Date, no event shall have occurred and be continuing or would result from the making of the Loans on such date that would constitute an Event of Default or a Default.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Fees and Expenses</u>.&#160; Borrower shall have paid to each Agent and each Lender the fees payable on or before such Funding Date referred to in Section&nbsp;2.7 and all expenses payable pursuant to Section&nbsp;9.2 which have accrued to such Funding Date.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.3. Funding Notices</font></b>.&#160; Any Funding Notice delivered pursuant to Section&nbsp;3.1 or 3.2 shall be executed by an Authorized Officer in a writing delivered to Administrative Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.4. Borrowings</font></b>.&#160; Each borrowing of a Loan by Borrower hereunder shall constitute a representation and warranty by Borrower as of the applicable Funding Date that, (a)&nbsp;in the case of a borrowing on the initial Funding Date, the conditions contained in Sections&nbsp;3.1(a)&nbsp;through 3.2(u)&nbsp;have been satisfied, and (b)&nbsp;in the case of a borrowing on any Funding Date other than the initial Funding Date, Sections&nbsp;3.2(a)&nbsp;through 3.2(f)&nbsp;have been satisfied.</p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;4. REPRESENTATIONS AND WARRANTIES</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to induce Agents and Lenders to enter into this Agreement and to induce Lenders to make each Loan to be made thereby, Borrower represents and warrants to each Agent and Lender, on the date hereof and on each Funding Date, that the following statements are true and correct:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.1. Organization; Requisite Power and Authority</font></b>.&#160; Each of Borrower and its Subsidiaries (a)&nbsp;is duly organized and validly existing under the laws of its jurisdiction of organization as identified in Schedule&nbsp;4.1, and (b)&nbsp;has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Credit Documents and the Related Agreements to which it is a party and to carry out the transactions contemplated thereby.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.2. Equity Interests and Ownership</font></b><b>.</b>&#160; The Equity Interests held by Borrower in Cablevisi&#243;n S.A. have been duly authorized and validly issued and are fully paid and non-assessable.&#160; Schedule&nbsp;4.2 correctly sets forth the ownership interest of Borrower and each of its Subsidiaries in their respective Subsidiaries as of the date of this Agreement both before and after giving pro forma effect to the Acquisition, and any Equity Interests of Borrower in Cablevisi&#243;n S.A. are held free and clear of any Liens (other than the Collateral).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.3. Due Authorization</font></b><b>.</b>&#160; The execution, delivery and performance of the Credit Documents have been duly authorized by all necessary action on the part of Borrower.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.4. No Conflict.</font></b>&#160; The execution, delivery and performance by Borrower of the Credit Documents and Related Agreements and the consummation of the transactions contemplated by the Credit Documents and the Related Agreements (including the Acquisition) do not and will not (a)&nbsp;violate (i)&nbsp;any provision of any law or any governmental rule&nbsp;or regulation applicable to Borrower or any of its Subsidiaries, (ii)&nbsp;any of the Organizational Documents of Borrower, any of its Subsidiaries or Cablevisi&#243;n (including, without limitation, the Cablevisi&#243;n Shareholders&#146; Agreement), except such provisions as to which Borrower has obtained a waiver prior to the initial Funding Date, (iii)&nbsp;any order, judgment or decree of any court or other agency of government binding on Borrower or any of its Subsidiaries, or (iv)&nbsp;the Call Option Agreement; (b)&nbsp;conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Borrower or any of its Subsidiaries, except such obligations as to which Borrower has obtained a waiver prior to the initial Funding Date; (c)&nbsp;result in or require the creation or imposition of any Lien upon any of the properties or assets of Borrower or any of its Subsidiaries (other than any Liens created under any of the Credit Documents in favor of Collateral Agents, for the benefit of the Secured Parties or any Permitted Liens); or (d)&nbsp;require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of Borrower or any of its Subsidiaries, except for such approvals or consents which will be obtained on or before the initial Funding Date and disclosed to Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.5. Governmental Consents.</font></b>&#160; The execution, delivery and performance by Borrower of the Credit Documents and Related Agreements and the consummation of the transactions contemplated by the Credit Documents and the Related Agreements (including the Acquisition) do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except for (i)&nbsp;those set forth in the Call Option Agreement, (ii)&nbsp;any Governmental Authorizations required in connection with the Merger, (iii)&nbsp;registration of the principal amount of the Loans with the Central Bank as provided in Communication &#147;A&#148; 3602 (as amended, supplemented or otherwise modified from time to time), and (iv)&nbsp;any other filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral Agents for filing and/or recordation, as of the date of this Agreement and reporting duties that shall be complied with in accordance with the Argentine Foreign Exchange Regulations from time to time.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.6. Binding Obligation.</font></b>&#160; Each Credit Document has been duly executed and delivered by Borrower and each Credit Document and each Related Agreement, when executed, is the legally valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors&#146; rights generally or by equitable principles relating to enforceability. Each of the Credit Documents to which it is a party, is or, when executed, will be in proper legal form under the Laws of Argentina for the enforcement thereof against Borrower; <u>provided</u>, <u>however</u>, that (a)&nbsp;the filing of an original of a Credit Document together with an official Spanish translation thereof is required to bring an action thereon in the courts of Argentina, and (b) the filing of claims with the Argentine judicial system is subject to payment of taxes collected to fund the court system, which taxes must be paid by the Person filing a claim in court and which rates vary from one jurisdiction to another. Subject to the foregoing, any judgment against Borrower of a court of the State of New York, which satisfies the requirements of Articles 517 through 519 of the Argentine law No.&nbsp;17,454, as amended by the Argentine law</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No.&nbsp;22,434 (the National Code of Civil and Commercial Procedure), is capable of being enforced in the courts of Buenos Aires.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.7. Historical Financial Statements.</font></b>&#160; The Historical Financial Statements were prepared in conformity with IFRS and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year-end adjustments.&#160; As of the date of this Agreement, neither Borrower nor Cablevisi&#243;n has any contingent liability or liability for Taxes, long-term lease or unusual forward or long-term commitment that is not reflected in the Historical Financial Statements or the notes thereto and which in any such case is material in relation to the business, operations, properties, assets, condition (financial or otherwise) or prospects of Borrower and Cablevisi&#243;n taken as a whole.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.8. No Material Adverse Effect.</font></b>&#160; Since May&nbsp;1, 2017, no event, circumstance or change has occurred that has caused or evidences, or could reasonably be expected to result in, either in any case or in the aggregate, a Material Adverse Effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.9. No Restricted Junior Payments.</font></b>&#160; Since May&nbsp;1, 2017, Borrower has not declared, ordered, paid or made any Restricted Junior Payment or agreed to do so except as permitted pursuant to Section&nbsp;6.3.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.10. Adverse Proceedings, Etc.</font></b>&#160; There are no Adverse Proceedings, individually or in the aggregate, that could reasonably be expected to have a Material Adverse Effect.&#160; Neither Borrower nor any of its Subsidiaries is (a)&nbsp;in violation of any applicable laws (including Environmental Laws) that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, or (b)&nbsp; subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules&nbsp;or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.11. Payment of Taxes</font></b><b>.</b>&#160; All Tax returns and reports of Borrower and its Subsidiaries required to be filed by any of them have been timely filed (after giving effect to any applicable grace period), and all material Taxes and all material assessments, fees and other governmental charges upon Borrower and its Subsidiaries and upon their respective properties, assets, income, businesses and franchises which are due and payable have been paid when due and payable.&#160; There is no proposed Tax assessment against Borrower or any of its Subsidiaries which is not being actively contested by Borrower or such Subsidiary in good faith and by appropriate proceedings; <u>provided</u> that such reserves or other appropriate provisions, if any, as shall be required in conformity with IFRS shall have been made or provided therefor.</p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.12. Properties</font></b>.&#160; Each of Borrower and its Subsidiaries has (i)&nbsp;good, sufficient and legal title to (in the case of fee interests in real property), (ii)&nbsp;valid leasehold interests in (in the case of leasehold interests in real or personal property), (iii)&nbsp;valid licensed rights in (in the case of licensed interests in intellectual property) and (iv)&nbsp;good title to (in the case of all other personal</p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">property), all of its properties and assets reflected in the Historical Financial Statements referred to in Section&nbsp;4.7 and in the most recent financial statements delivered pursuant to Section&nbsp;5.1, in each case except for assets disposed of since the date of such financial statements in the ordinary course of business or as otherwise permitted under Section&nbsp;6.&#160; Except as permitted by this Agreement and any outstanding Debt of any Subsidiary on the date hereof, all such properties and assets are free and clear of Liens.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.13. Environmental Matters</font></b><b>.</b>&#160; Neither Borrower nor any of its Subsidiaries nor any of their respective Facilities or operations are subject to any outstanding written order, consent decree or settlement agreement with any Person relating to any Environmental Law, any Environmental Claim, or any Hazardous Materials Activity that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.&#160; There are and, to each of Borrower&#146;s and its Subsidiaries&#146; knowledge, have been, no conditions, occurrences, or Hazardous Materials Activities which could reasonably be expected to form the basis of an Environmental Claim against Borrower or any of its Subsidiaries that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.&#160; Neither Borrower nor any of its Subsidiaries has filed any notice under any Environmental Law indicating past or present treatment of Hazardous Materials at any Facility, and none of Borrower&#146;s nor any of its Subsidiaries&#146; operations involves the generation, transportation, treatment, storage or disposal of hazardous waste, as defined under 40 C.F.R. Parts 260-270 or any state equivalent.&#160; Compliance with all current or reasonably foreseeable future requirements pursuant to or under Environmental Laws could not be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.&#160; No event or condition has occurred or is occurring with respect to Borrower or any of its Subsidiaries relating to any Environmental Law, any Release of Hazardous Materials, or any Hazardous Materials Activity which individually or in the aggregate has had, or could reasonably be expected to have, a Material Adverse Effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.14. No Events of Default</font></b><b>.</b>&#160; Neither Borrower nor any of its Subsidiaries is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.15. Governmental Regulation</font></b><b>.</b>&#160; Borrower is not required to register as an &#147;investment company&#148; under the Investment Company Act of 1940, as amended, and is not &#147;controlled&#148; by any &#147;company&#148; (within the meanings of the Investment Company Act of 1940, as amended) that is organized under the laws of any state of the United States of America.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.16. Federal Reserve Regulations; Exchange Act</font></b>. No portion of the proceeds of any Loan will be used in any manner, whether directly or indirectly, that violates Regulation&nbsp;T, Regulation&nbsp;U or Regulation&nbsp;X of the Board of Governors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.17. Employee Matters</font></b><b>.</b>&#160; Neither Borrower nor any of its Subsidiaries is engaged in any unfair labor practice that could be reasonably expected to have a Material Adverse Effect.&#160; There is (a)&nbsp;no unfair labor practice complaint pending against Borrower or any of its Subsidiaries or, to the knowledge of Borrower, threatened against Borrower or any of its Subsidiaries before any</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governmental Authority with responsibility, authority or jurisdiction for such matters, and no grievance or arbitration proceeding arising out of or under any collective bargaining agreement is so pending against Borrower or any of its Subsidiaries or, to the knowledge of Borrower, threatened against Borrower or any of its Subsidiaries, and (b)&nbsp;no strike, labor dispute, slowdown or stoppage&nbsp;pending against Borrower or any of its Subsidiaries or, to the knowledge of Borrower, threatened against Borrower or any of its Subsidiaries, except (with respect to any matter specified in clause (a)&nbsp;or (b)&nbsp;above, either individually or in the aggregate) such as could not be reasonably expected to have a Material Adverse Effect.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.18. Certain Fees</font></b><b>.</b>&#160; No broker&#146;s or finder&#146;s fee or commission will be payable with respect to the transactions contemplated by the Related Agreements, except as payable to Agents and Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.19. Solvency</font></b><b>.</b>&#160;&#160; Borrower is and, upon the incurrence of any Obligation by it on any date on which this representation and warranty is made, will be, on a consolidated basis, Solvent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.20. Compliance with Statutes, Etc.</font></b>&#160; Each of Borrower and its Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property, except such non-compliance that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.21. Disclosure</font></b><b>.</b>&#160; No representation or warranty of Borrower contained in any Credit Document or in any other documents, certificates or written statements furnished to any Agent or Lender by or on behalf of Borrower for use in connection with the transactions contemplated hereby contains any untrue statement of a material fact or omits to state a material fact (known to Borrower, in the case of any document not furnished by it) necessary in order to make the statements contained herein or therein, when taken as a whole, not misleading in light of the circumstances in which the same were made.&#160; Any projections and pro forma financial information contained in such materials are based upon good faith estimates and assumptions believed by Borrower to be reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.22. Senior Debt</font></b>.&#160; The Obligations constitute direct and unconditional obligations of Borrower and will rank at least <i>pari passu</i> in right of payment with all other unsubordinated Debt of Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.23. Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act</font></b><b>.</b>&#160; None of Borrower or Cablevisi&#243;n or any of their respective directors, officers or, to the knowledge of Borrower, employees, agents or Affiliates is subject to any sanctions or economic embargoes administered or enforced by the U.S. Department of State or the U.S. Department of Treasury (including the Office of Foreign Assets Control), the European Union or Her Majesty&#146;s Treasury (collectively, &#147;<b>Sanctions</b>&#148;, and the associated laws, rules, regulations and orders, collectively, &#147;<b>Sanctions Laws</b>&#148;).&#160; Each of Borrower and Cablevisi&#243;n and their respective directors, officers and, to the knowledge of Borrower, employees, agents and Affiliates is in compliance, in all material respects, with (i)&nbsp;all applicable Sanctions Laws, (ii)&nbsp;the United States Foreign Corrupt Practices</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Act of 1977, as amended, and any other applicable anti-bribery or anti-corruption laws, rules, regulations and orders (collectively, &#147;<b>Anti-Corruption Laws</b>&#148;) and (iii)&nbsp;the PATRIOT Act and any other applicable anti-money laundering (including anti-terrorism financing) laws, rules, regulations and orders.&#160; No part of the proceeds of the Loans will be used, directly or (to the knowledge of Borrower) indirectly, (A)&nbsp;for the purpose of financing any commercial activities or business of or with any Person or in any country or territory that at such time is the subject of any Sanctions, each in violation of Sanctions; or (B)&nbsp;for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, each in violation of any Anti-Corruption Law.</font></p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;5. AFFIRMATIVE COVENANTS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower covenants and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations, Borrower shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section&nbsp;5.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.1. Financial Statements and Other Reports</font></b><b>.</b>&#160; Borrower will deliver:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Quarterly Financial Statements</u>.&#160; To Administrative Agent and Lenders, as soon as available, and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year, commencing with the Fiscal Quarter in which the date of this Agreement occurs, the consolidated and consolidating balance sheets of Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the related consolidated (and with respect to statements of income, consolidating) statements of income, stockholders&#146; equity and cash flows of Borrower and its Subsidiaries for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in comparative form, in each case as and to the extent required by Argentine law to be contained in periodic filings of such financial statements with the CNV, the corresponding figures for the corresponding periods of the previous Fiscal Year in reasonable detail;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Annual Financial Statements</u>.&#160; To Administrative Agent and Lenders, as soon as available, and in any event within 90 days after the end of each Fiscal Year, commencing with the Fiscal Year in which the date of this Agreement occurs, (i)&nbsp;the consolidated and consolidating balance sheets of Borrower and its Subsidiaries as at the end of such Fiscal Year and the related consolidated (and with respect to statements of income, consolidating) statements of income, stockholders&#146; equity and cash flows of Borrower and its Subsidiaries for such Fiscal Year, setting forth in comparative form, in each case as and to the extent required by Argentine law to be contained in periodic filings of such financial statements with the CNV, the corresponding figures for the previous Fiscal Year covered by such financial statements, in reasonable detail; and (ii)&nbsp;with respect to such consolidated and consolidating financial statements a report thereon of PricewaterhouseCoopers or other independent certified public accountants of recognized national standing selected by Borrower, and reasonably satisfactory to Administrative</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agent (which report and/or the accompanying financial statements shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Borrower and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with IFRS applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards);</font></p>
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<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;<u>Compliance Certificate</u>.&#160; To Administrative Agent, together with each delivery of financial statements of Borrower and its Subsidiaries pursuant to Sections 5.1(a)&nbsp;and 5.1(b), a duly executed and completed Compliance Certificate;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Notice of Default</u>.&#160; To Administrative Agent, promptly upon any senior officer of Borrower obtaining knowledge (i)&nbsp;of any condition or event that constitutes a Default or an Event of Default or that notice has been given to Borrower with respect thereto or (ii)&nbsp;that any Person has given any notice to Borrower or Cablevisi&#243;n or taken any other action with respect to any event or condition set forth in Section&nbsp;7.1(b), a certificate of an Authorized Officer of Borrower specifying the nature and period of existence of such condition or event, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, Default, event or condition, and what action Borrower has taken, is taking and proposes to take with respect thereto;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Notice of Litigation</u>.&#160; To Administrative Agent, promptly upon any officer of Borrower obtaining knowledge of any development in any Adverse Proceeding that (i)&nbsp;if adversely determined could be reasonably expected to have a Material Adverse Effect, or (ii)&nbsp;seeks to enjoin or otherwise prevent the consummation of, or to recover any damages or obtain relief as a result of, the transactions contemplated hereby, written notice thereof together with such other information as may be reasonably available to Borrower to enable Lenders and their counsel to evaluate such matters;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font><u>Information Regarding Collateral</u>.&#160; To the Collateral Agent and Administrative Agent, prompt written notice of any change (i)&nbsp;in Borrower&#146;s corporate name, (ii)&nbsp;in Borrower&#146;s identity or corporate structure, or (iii)&nbsp;in Borrower&#146;s jurisdiction of organization.&#160; Borrower agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for Collateral Agents to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral as contemplated in the Collateral Documents.&#160; Borrower also agrees promptly to notify the Collateral Agent and Administrative Agent if any material portion of the Collateral is damaged or destroyed;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;</font><u>Collateralization Ratio Calculation</u>.&#160; To the Collateral Agents and Administrative Agent, a certificate setting out the calculation of the Collateralization Ratio for the relevant calculation period in accordance with Section&nbsp;6.13(c)(i), within three Business Days from the end of the relevant calendar week; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;</font><u>Other Information</u>.&#160; To Administrative Agent, promptly upon their becoming available, copies of (i)&nbsp;all financial statements, reports, notices and proxy statements sent or made available generally by Borrower to its security holders acting in such capacity, (ii)&nbsp;all regular and periodic reports and all registration statements and prospectuses, if any, filed by Borrower with any securities exchange or with the Securities and Exchange Commission or any other Governmental Authority, (iii)&nbsp;all press releases and other statements made available generally by Borrower to the public concerning material developments in the business of Borrower, and (iv)&nbsp;any amendments, waivers or modification of Article&nbsp;IV of the Cablevisi&#243;n Shareholders&#146; Agreement or Article&nbsp;II or Article&nbsp;IV of the TEO Shareholders&#146; Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.2. Certification of Public Information</font></b><b>.</b>&#160; Borrower and each Lender acknowledge that certain of the Lenders may be Public Lenders and that any documents or notices required to be delivered pursuant to Section&nbsp;5.1 or otherwise shall be distributed through IntraLinks/IntraAgency, SyndTrak or another relevant website or other information platform (the &#147;Platform&#148;) to Private Lenders only.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.3. Existence</font></b><b>.</b>&#160; Except as otherwise permitted under Section&nbsp;6.6, Borrower will, and will cause each of its Significant Subsidiaries to, at all times preserve and keep in full force and effect its existence and all rights, qualifications, licenses, permits, Governmental Authorizations, and franchises material to its business, including, without limitation, any Governmental Authorization, license, approval or consent required by exchange control regulations to enable Borrower to punctually pay its Obligations under the Credit Documents in Dollars to the account designated by Administrative Agent; <u>provided</u> neither Borrower (other than with respect to existence) nor any of its Significant Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if Borrower&#146;s board of directors (or similar governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of Borrower, and that the loss thereof is not disadvantageous in any material respect to Borrower or to Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.4. Payment of Taxes and Claims.</font></b>&#160; Borrower will, and will cause each of its Subsidiaries to, pay all Taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; <u>provided</u> that no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings timely instituted, so long as (a)&nbsp;adequate reserve or other appropriate provision, as shall be required in conformity with IFRS, shall have been made therefor, and (b)&nbsp;in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.5. Maintenance of Properties</font></b><b>.</b>&#160; Borrower will, and will cause each of its Subsidiaries to, maintain or cause to be maintained in good repair, working order and condition, ordinary wear and tear excepted, all material properties used or useful in the business of Borrower and its Subsidiaries and from time to time will make or cause to be made all appropriate repairs,</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">renewals and replacements thereof, where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.6. Insurance</font></b><b>.</b>&#160; Borrower will maintain or cause to be maintained, with financially sound and reputable insurers, such public liability insurance, third-party property damage insurance, business interruption insurance and casualty insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of Borrower as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons, where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.7. Books and Records; Inspections</font></b><b>.</b>&#160; Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and accounts in which full, true and correct entries in conformity in all material respects with IFRS shall be made of all dealings and transactions in relation to its business and activities.&#160; Borrower will, and will cause Cablevisi&#243;n S.A. to, permit any authorized representatives designated by any Lender to visit and inspect any of the properties of Borrower and Cablevisi&#243;n S.A., to inspect, copy and take extracts from their respective financial and accounting records, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants, all upon reasonable notice and at such reasonable times during normal business hours and as often as may reasonably be requested.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.8. Lenders Meetings</font></b><b>.</b>&#160; Borrower will, upon the request of Administrative Agent or Requisite Lenders, participate in a meeting of Administrative Agent and Lenders once during each Fiscal Year to be held at Borrower&#146;s corporate offices (or at such other location as may be agreed to by Borrower and Administrative Agent) at such time as may be agreed to by Borrower and Administrative Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.9. Compliance with Laws</font></b><b>.</b>&#160; Borrower will, and shall cause each of its Significant Subsidiaries to, comply with the requirements of all applicable Laws of any Governmental Authority (including, without limitation, all Argentine Foreign Exchange Regulations and all Environmental Laws), except to the extent that noncompliance therewith could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect (or, in the case of the laws, rules, regulations and orders referred to in Section&nbsp;4.23, except to the extent that noncompliance therewith is not material).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.10. Environmental</font></b>. Borrower shall promptly take, and shall cause each of its Significant Subsidiaries promptly to take, any and all actions necessary to (i)&nbsp;cure any violation of applicable Environmental Laws by Borrower or its Subsidiaries that could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and (ii)&nbsp;make an appropriate response to any Environmental Claim against Borrower or any of its Subsidiaries and discharge any obligations it may have to any Person thereunder where failure to do so could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.11. Further Assurances</font></b><b>.</b>&#160; At any time or from time to time upon the request of Administrative Agent, Borrower will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as Administrative Agent or any Collateral Agent may reasonably request in order to effect fully the purposes of the Credit Documents.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.12. Establishment and Maintenance of IR Account.</font></b> Borrower shall ensure that, commencing on the initial Funding Date and at all times thereafter, the IR Account has a Cash balance equal to the Required IR Account Balance.&#160; If at any time the IR Account has a Cash balance greater than the Required IR Account Balance, Borrower may, by written notice delivered to Offshore Collateral Agent, Administrative Agent and the Lenders at least three Business Days prior to the date on which Borrower wishes to effect a release of Cash in the IR Account, request that Offshore Collateral Agent release the amount of Cash set forth in such notice; <u>provided</u> that after any such release the Cash balance in the IR Account shall equal or exceed the Required IR Account Balance.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.13. Sanctioned Persons; Anti-Corruption Laws</font></b><b>.</b>&#160; No part of the proceeds of the Loans that have not been applied to the Acquisition will be used, directly or (to Borrower&#146;s knowledge) indirectly, (A)&nbsp;for the purpose of financing any activities or business of or with any Person or in any country or territory that at such time is the subject of any Sanctions, each in violation of Sanctions; or (B)&nbsp;for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, each in violation of any Anti-Corruption Law. None of the Loans or any other amount due under this Agreement will be repaid with funds or assets that (i)&nbsp;constitute property of, or will be beneficially owned by, any Person referred to in clause (A)&nbsp;above or (ii)&nbsp;are the direct proceeds derived from any transactions that violate Sanctions applicable to any party hereto, each in violation of Sanctions.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.14. Compliance with Argentine Foreign Exchange Regulations</font></b><b>.</b>&#160; Without limitation of any other provision under the Credit Documents related to the compliance by Borrower with Argentine Foreign Exchange Regulations, Borrower shall comply with all Argentine Foreign Exchange Regulations from time to time in force and effect and relating to its obligations under the Credit Documents.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.15 London Stock Exchange.&#160; </font></b>Borrower will use its reasonable commercial efforts to procure the listing of its GDRs on the London Stock Exchange.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.16 Compliance with Engagement Letter Milestones.&#160; </font></b>Borrower will use its reasonable commercial efforts to achieve the Milestones in accordance with section 4 of the Engagement Letter.</p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;6. NEGATIVE COVENANTS</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrower covenants and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations, Borrower shall perform all covenants in this Section&nbsp;6.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.1. Debt</font></b><b>.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Borrower shall</font> not create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to, any Debt, except the following (collectively, &#147;<b>Permitted Debt</b>&#148;):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;the Obligations;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;Debt identified in Schedule 6.1(a)&nbsp;(the &#147;<b>Intercompany Debt</b>&#148;);</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Debt in an amount not exceeding $50,000,000 outstanding at any time;</font></p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;Debt in an amount necessary to fund, in whole or in part, the Tender Offer with a maturity date falling after the Maturity Date; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;Debt in an amount necessary to fund, in whole or in part, any Additional Acquisition with a maturity date falling after the Maturity Date.</font></p>
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<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Borrower shall cause VLG not to create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to, any Debt; provided that VLG may create a Lien over any and all of its assets or properties to secure any Debt incurred by Borrower to fund, in whole or in part, the Tender Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.2. Liens</font></b><b>.</b>&#160; Borrower shall not, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind of Borrower, whether now owned or hereafter acquired, or any income, profits or royalties therefrom, except (each of the Liens described in clauses 6.2(a)&nbsp;&#151; (i), each, a &#147;<b>Permitted Lien</b>&#148;):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>Liens in favor of Collateral Agents for the benefit of Secured Parties or Liens in favor of the Account Bank granted pursuant to any Credit Document;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font>Liens otherwise permitted under any Credit Document;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Liens securing Permitted Debt;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font>Liens for Taxes if obligations with respect to such Taxes are being contested in good faith by appropriate proceedings timely instituted and adequate reserves have been made in accordance with IFRS;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font>statutory Liens of landlords, of carriers, warehousemen, mechanics, repairmen, workmen and materialmen, and other Liens imposed by law, in each case incurred in the ordinary course of business (i)&nbsp;for amounts not yet overdue or (ii)&nbsp;for amounts that are overdue and that (in the case of any such amounts overdue for a period in excess of five days) are being contested in good faith by appropriate proceedings, so long as such reserves or other appropriate provisions, if any, as shall be required by IFRS shall have been made for any such contested amounts;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font>rights of set-off, banker&#146;s liens, netting arrangements and other Liens arising by operation of law or by the terms of documents of banks or other financial institutions in relation to the maintenance or administration of accounts;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;</font>Liens arising out of the existence of judgments or awards in respect of which Borrower shall in good faith be prosecuting an appeal or proceedings for review and in respect of which there shall have been secured a subsisting stay of execution pending such appeal or proceedings and for which such reserve or other appropriate provisions, if any, as shall be required by IFRS shall have been made;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;</font>Liens incurred in Borrower&#146;s ordinary course of business in connection with workers compensation claims, unemployment insurance and social security benefits and Liens over property securing the performance of bids, tenders, leases and contracts in the ordinary course of business, statutory obligations, surety bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business and consistent with past practices and not exceeding $5,000,000 in the aggregate; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>in addition to clause (b)&nbsp;above, Liens on Borrower&#146;s Equity Interests (directly or indirectly) in Cablevisi&#243;n other than (i)&nbsp;the Collateral and (ii)&nbsp;(excluding the Collateral) as of any date, the total number of Equity Interests in Cablevisi&#243;n which, when multiplied by the Share Market Value, equals one times the amount of the Loan Exposure.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.3. Restricted Junior Payments</font></b><b>.</b>&#160; Borrower shall not declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.4. Restrictions on Subsidiary Distributions</font></b><b>.</b>&#160; Except as provided herein, Borrower shall not create or otherwise cause or suffer to exist or become effective, and shall not vote in favor of the creation by any of its Subsidiaries, any consensual encumbrance or restriction on its ability to pay dividends or make any other distributions on any of its Equity Interests owned by Borrower that would prevent compliance with Section&nbsp;6.13(b)&nbsp;hereof, other than as may be required under the Cablevisi&#243;n Shareholders&#146; Agreement or, after the Merger, under the TEO Shareholders&#146; Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.5. Investments</font></b><b>.</b>&#160; Borrower shall not, directly or indirectly, make or own any Investment in any Person, including any Joint Venture, except the following (collectively, &#147;<b>Permitted Investments</b>&#148;):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;Investments in Cash and Cash Equivalents;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Investments owned as of the date of this Agreement;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;the acquisition of the Target Shares pursuant to the Acquisition in accordance with the terms and conditions of the </font>Call Option Agreement and other Related Agreements;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;any Additional Acquisition;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;any contribution to any Subsidiary of Borrower in order to pay in full the outstanding Intercompany Debt as set forth in Section&nbsp;2.3; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;any contribution of Equity Interests in Cablevisi&#243;n, or in any vehicle holding Equity Interests in Cablevisi&#243;n, to any Subsidiary resulting from the VLG Split Off (as defined in the TEO Shareholders&#146; Agreement) or to any voting trust or similar arrangement as contemplated in the TEO Shareholders&#146; Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the foregoing, in no event shall Borrower make any Investment which results in or facilitates in any manner any Restricted Junior Payment not otherwise permitted under the terms of Section&nbsp;6.3.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.6. Fundamental Changes; Disposition of Assets</font></b><b>.</b>&#160; Borrower shall not enter into any transaction of merger or consolidation, or liquidate, wind-up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or license, exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired, leased or licensed (including, for the avoidance of doubt, a sale by VLG of Borrower&#146;s ratable share of VLG&#146;s Equity Interests in Cablevisi&#243;n), except:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>any Subsidiary of Borrower may be merged with or into Borrower, or be liquidated, wound up or dissolved, or all or any part of its business, property or assets may be conveyed, sold, leased, transferred or otherwise disposed of, in one transaction or a series of transactions, to Borrower; <u>provided</u> that, in the case of such a merger, Borrower shall be the continuing or surviving Person;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font>sales or other dispositions of Cash and Cash Equivalents in the ordinary course of business or to make payments on Permitted Debt;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>disposals of obsolete, worn out or surplus property;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font>sales or other dispositions of Equity Interests held by Borrower in Cablevisi&#243;n, VLG or TEO or by VLG in Cablevisi&#243;n; <u>provided</u> that, in addition to the Collateral, Borrower shall at all times own, directly or indirectly (including through VLG), a total number of Equity Interests in Cablevisi&#243;n which, when multiplied by the Share Market Value as of the relevant determination date, equals one times the amount of the Loan Exposure;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font>any sale or dispositions required by any Governmental Authority in connection with the Merger, pursuant to the provisions of Section&nbsp;13.b) of Argentine Law No.&nbsp;25,156 or other applicable law;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font>the Merger;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;</font>Permitted Investments;</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;any contribution or transfer of Equity Interests in Cablevisi&#243;n, or in any vehicle holding Equity Interests in Cablevisi&#243;n, to any voting trust or similar arrangement as contemplated in the TEO Shareholders&#146; Agreement;</font> and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>sales or other dispositions of assets that constitute Asset Sales for which the Net Asset Sale Proceeds are applied in accordance with Section&nbsp;2.10(a).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.7. Disposal of Cablevisi&#243;n&#146;s Interests</font></b><b>.</b>&#160; Except for (i)&nbsp;any sale of the Equity Interests of Cablevisi&#243;n in compliance with the provisions of Section&nbsp;6.6(d), (ii)&nbsp;the pledge of Equity Interests of Cablevisi&#243;n to Onshore Collateral Agent pursuant to the Collateral Documents, (iii)&nbsp;any transfer of Equity Interests in Cablevisi&#243;n, or in any vehicle holding Equity Interests in Cablevisi&#243;n, to a voting trust or similar arrangement as contemplated in the TEO Shareholders&#146; Agreement and (iv)&nbsp;the creation of Permitted Liens pursuant to Section&nbsp;6.2, Borrower shall not, nor shall it permit VLG to, sell, assign, dispose, pledge or otherwise encumber any of Borrower&#146;s Equity Interests of Cablevisi&#243;n (or Borrower&#146;s ratable share of VLG&#146;s Equity Interests in Cablevisi&#243;n).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.8. Sales and Lease-Backs</font></b><b>.</b>&#160; Borrower shall not directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which Borrower (a)&nbsp;has sold or transferred or is to sell or to transfer to any other Person (other than Borrower or any of its Subsidiaries), or (b)&nbsp;intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by Borrower to any Person (other than Borrower or any of its Subsidiaries) in connection with such lease.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.9. Transactions with Shareholders and Affiliates</font></b>.&#160; Borrower shall not directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of Borrower on terms that are less favorable to Borrower than those that might be obtained at the time from a Person who is not an Affiliate; <u>provided</u> that the foregoing restriction shall not apply to (a)&nbsp;reasonable and customary fees paid to members of the board of directors (or similar governing body) of Borrower; (b)&nbsp;compensation arrangements for officers and other employees of Borrower entered into in the ordinary course of business; and (c)&nbsp;transactions described in Schedule 6.9.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.10. Conduct of Business</font></b><b>.</b>&#160; From and after the date of this Agreement, Borrower shall not engage in any business other than (i)&nbsp;the businesses engaged in by Borrower on the date of this Agreement and similar or related businesses, (ii)&nbsp;all business which is the direct result of the consummation of the Acquisition, and (iii)&nbsp;such other lines of business as may be consented to by Requisite Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.11. Amendments or Waivers of Organizational Documents and Certain Related Agreements</font></b><b>.</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>Borrower shall not agree to any material amendment, restatement, supplement or other material modification to, or waiver of, any of its Organizational Documents or any of its material rights under any Related Agreement after the date of this</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agreement without in each case obtaining the prior written consent of Requisite Lenders to such amendment, restatement, supplement or other modification or waiver, other than amendments required to effect the Merger.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font>Borrower shall not agree to any amendment or other modification to any provision of Article&nbsp;IV of the Cablevisi&#243;n Shareholders Agreement or Article&nbsp;IV of the TEO Shareholders Agreement, in each case if the effect of such amendment or other modification would be to render the foreclosure on the Collateral under the Cablevisi&#243;n Pledge Agreement more onerous or cumbersome to Lenders than as of the date of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.12. Fiscal Year.</font></b>&#160; Borrower shall not change its Fiscal Year-end from December&nbsp;31.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.13. Financial Covenants</font></b>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Leverage Ratio</u>.&#160; Borrower shall not permit (i)&nbsp;the Leverage Ratio to exceed 3.00:1.00; and (ii)&nbsp;the CVH Leverage Ratio to exceed 3.50:1.00.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;<u>Minimum Dividend Payout Ratio</u>.&#160; Borrower shall ensure that subject to compliance with the limitations thereon set forth in the Indenture and, following the Merger, the TEO Shareholders&#146; Agreement, Cablevisi&#243;n pays dividends in Cash to Borrower directly or indirectly in Fiscal Year 2018 in an amount not less than the ratable amount of, calculated with reference to the portion of the total economic interests of the Equity Interests in Cablevisi&#243;n held by Borrower, directly or indirectly, as of the date of the relevant dividend, (A)&nbsp;the aggregate amount of $150,000,000, if the Merger has not been consummated by April&nbsp;30, 2018, and (B)&nbsp;the aggregate amount of $300,000,000, if the Merger is consummated prior to April&nbsp;30, 2018; <u>provided</u>, <u>however</u>, that before or after the Merger, under no circumstances will Cablevisi&#243;n be required to distribute on account of dividends any amount that would (x)&nbsp;exceed the amounts permitted to be distributed under Argentine law, (y)&nbsp;require Cablevisi&#243;n&#160; to incur Debt or (z)</font>&nbsp;trigger the application of the &#147;equalization tax&#148;<i> (&#147;impuesto de igualaci&#243;n&#148;) </i>pursuant to Argentine tax law even in case the amounts are distributed under the form of provisional or anticipated dividends <i>(&#147;dividendos anticipados&#148;</i>).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.35pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Minimum Collateralization Ratio</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;Borrower shall not permit the Collateralization Ratio, </font>as of the last Business Day of each calendar week, beginning with the first full calendar week ending after the initial Funding Date, to be less than 2.25:1.00; <u>provided</u>, <u>however</u>, that, no breach under this Section&nbsp;6.13(c)&nbsp;shall be deemed to have occurred if Borrower, within 10 Business Days of the testing date on which the Collateralization Ratio is determined to be less than 2.25:1.00, (i)&nbsp;pledges additional Equity Interests in Cablevisi&#243;n, pursuant to the terms of the Cablevisi&#243;n Pledge Agreement, (ii)&nbsp;posts or credits Cash or Cash Equivalents to the Cash Collateral Account, (iii)&nbsp;delivers such other collateral as may be deemed satisfactory by the Lenders, or (iv)&nbsp;makes a voluntary prepayment of the Loans pursuant to Section&nbsp;2.9, in each case, in an amount such that the Collateralization Ratio, following such action, is not less than 2.50:1.00.</p>
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<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;If the Collateralization Ratio is greater than 2.50:1.00 and has been above such level for the immediately preceding five (5)&nbsp;Business Days, Borrower may, by written notice delivered to the Collateral Agents and Administrative Agent at least five (5)&nbsp;Business Days prior to the date on which Borrower wishes to effect a release of Collateral, request that the Collateral Agents release an amount of Equity Interests in Cablevisi&#243;n, Cash, Cash Equivalents or any other Collateral posted by Borrower pursuant to Section&nbsp;6.13(c)(i)&nbsp;(or any combination of the foregoing) that will result in the Collateralization Ratio equaling at least 2.50:1.00; <u>provided</u> that, prior to the Merger Collateral Release Date, it shall not result in the number of Equity Interests in Cablevision S.A. subject to the security interest in favor of the Secured Lenders to be less than the number of such Equity Interests subject to such security interest as of the initial Funding Date and, upon satisfaction of the foregoing conditions and receipt of written instructions from Administrative Agent (acting on the instructions of the Requisite Lenders), the Collateral Agents shall release such amount of Collateral in accordance with this clause (ii)&nbsp;if, as of the day of the proposed release, the Collateralization Ratio remains above 2.50:1.00.</font></p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;7. EVENTS OF DEFAULT</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.1. Events of Default</font></b><b>.</b>&#160; If any one or more of the following conditions or events shall occur:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Failure to Make Payments When Due</u>.&#160; Failure by Borrower to pay (i)&nbsp;when due any installment of principal of any Loan, whether at Stated Maturity, by acceleration, by notice of voluntary prepayment, by mandatory prepayment or otherwise; or (ii)&nbsp;any interest on any Loan or any fee or any other amount due hereunder within three Business Days after the due date; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Default in Other Agreements</u>.&#160; (i)&nbsp;Failure of Borrower or Cablevision to pay when due any principal of or interest on Debt in an aggregate principal amount in excess of $30,000,000, if such default continues beyond the grace period, if any, originally applicable thereto and the time for payment of such amount has not been expressly extended; or (ii)&nbsp;breach by Borrower or Cablevisi&#243;n with respect to any other term and conditions relating to Debt in an aggregate principal amount in excess of $30,000,000, if such breach continues beyond the grace period, if any, originally applicable thereto and the time for compliance of such terms and conditions has not been expressly waived or extended, if the effect of such breach is to cause or to permit that Debt to become or be declared due and payable (or subject to a compulsory repurchase or redemption) prior to its Stated Maturity; or</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Breach of Certain Covenants</u>.&#160; Failure of Borrower to perform or comply with any term or condition contained in Section&nbsp;2.3, Section&nbsp;2.4(c)(ii), Section&nbsp;5.3 or Section&nbsp;6; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Breach of Representations, Etc.</u>&#160; Any representation, warranty, certification or other statement made or deemed made by Borrower in any Credit</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Document or in any statement or certificate at any time given by Borrower in writing pursuant hereto or thereto shall be false in any material respect as of the date made or deemed made; or</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Other Defaults Under Credit Documents</u>.&#160; Borrower shall default in the performance of or compliance with any term contained herein or any of the other Credit Documents, other than any such term referred to in any other paragraph of this Section&nbsp;7.1, and such default shall not have been remedied or waived within forty-five days (other than a failure to comply with Section&nbsp;5.1(g), which shall be fifteen (15) days) after the earlier of (i)&nbsp;an officer of Borrower becoming aware of such default or (ii)&nbsp;receipt by Borrower of notice from Administrative Agent or any Lender of such default; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font><u>Involuntary Bankruptcy; Appointment of Receiver, Etc.</u>&#160; (i)&nbsp;A court of competent jurisdiction shall enter a decree or order for relief in respect of Borrower or Cablevisi&#243;n in an involuntary case under any Debtor Relief Laws now or hereafter in effect, which decree or order is not stayed, or any other similar relief shall be granted under any applicable federal or state law; (ii)&nbsp;an involuntary case shall be commenced against Borrower or Cablevisi&#243;n under any Debtor Relief Laws now or hereafter in effect; (iii)&nbsp;a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Borrower or Cablevisi&#243;n, or over all or a substantial part of their respective property, shall have been entered; (iv)&nbsp;there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Borrower or Cablevisi&#243;n for all or a substantial part of its property; or (v)&nbsp;a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Borrower or Cablevisi&#243;n, and any such event described in clause (f)&nbsp;shall continue for sixty days without having been dismissed, bonded or discharged; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;</font><u>Voluntary Bankruptcy; Appointment of Receiver, Etc.</u>&#160; (i)&nbsp;Borrower or Cablevisi&#243;n shall commence a <i>concurso preventivo</i>, file a <i>acuerdo preventivo extrajudicial</i> with a court of competent jurisdiction or commence any other voluntary case concerning itself under the Argentine Bankruptcy Law or under any bankruptcy Law of any other jurisdiction, as applicable; (ii)&nbsp;Borrower or Cablevisi&#243;n shall have an order for relief entered with respect to it or shall commence a voluntary case under any Debtor Relief Laws now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or Borrower or Cablevisi&#243;n shall make any assignment for the benefit of creditors; or (iii)&nbsp;Borrower or Cablevisi&#243;n shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Borrower or Cablevisi&#243;n (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section&nbsp;7.1(f); or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;</font><u>Judgments and Attachments</u>.&#160; Any final judgment or order which are not subject to appeal or nullity (<i>recurso de nulidad</i>) for the payment of money in excess of $30,000,000 (to the extent not adequately covered by insurance as to which a solvent and</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Borrower or Cablevisi&#243;n or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of 90 days (or in any event later than five days prior to the date of any proposed sale thereunder); or</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font><u>Dissolution</u>.&#160; Any order, judgment or decree shall be entered against Borrower or Cablevisi&#243;n decreeing the dissolution of Borrower or Cablevisi&#243;n and such order shall remain undischarged or unstayed for a period in excess of thirty days; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&nbsp;</font><u>Collateral Documents and other Credit Documents</u>.&#160; At any time after the execution and delivery thereof, (i)&nbsp;this Agreement or any Credit Document ceases to be in full force and effect (other than by reason of a release of Collateral in accordance with the terms hereof or thereof or the satisfaction in full of the Obligations in accordance with the terms hereof) or shall be declared null and void, or Collateral Agents shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document (other than by reason of a release of Collateral in accordance with the terms hereof or thereof of the satisfaction in full of the Obligations in accordance with the terms hereof), in each case for any reason other than the failure of Administrative Agent, Collateral Agents or any Secured Party to take any action within its control, or (ii)&nbsp;Borrower shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Credit Document to which it is a party or shall contest the validity or perfection of any Lien in any Collateral purported to be covered by the Collateral Documents,</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:49.5pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THEN</font></b>, (1)&nbsp;upon the occurrence of any Event of Default described in Section&nbsp;7.1(f)&nbsp;or 7.1(g), automatically, and (2)&nbsp;upon the occurrence and during the continuance of any other Event of Default, at the written request of (or with the written consent of) Requisite Lenders and the giving of notice to Borrower by Administrative Agent, (A)&nbsp;the Commitment, if any, of each Lender shall immediately terminate; (B)&nbsp;each of the following shall immediately become due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by Borrower: (I)&nbsp;the unpaid principal amount of and accrued interest on the Loans, and (II)&nbsp;all other Obligations; and (C)&nbsp;if requested in writing by the Requisite Lenders, Administrative Agent shall cause Collateral Agents to enforce any and all Liens created pursuant to Collateral Documents.</p>
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<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;8. AGENTS</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.1. Appointment of Agents</font></b>. Citi is hereby appointed Administrative Agent hereunder and under the other Credit Documents and each Lender hereby authorizes Citi to act as Administrative Agent in accordance with the terms hereof and the other Credit Documents.&#160; Citi is hereby appointed Offshore Collateral Agent hereunder and under the other Credit Documents and each Lender hereby authorizes Citi to act as Offshore Collateral Agent in accordance with the terms hereof and the other Credit Documents.&#160; The branch of Citibank, N.A. established in</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Republic of Argentina</font> is hereby appointed Onshore Collateral Agent hereunder and under the other Credit Documents and each Lender hereby authorizes the branch of Citibank, N.A. established in the Republic of Argentina to act as Onshore Collateral Agent in accordance with the terms hereof and the other Credit Documents.&#160; Each Agent hereby agrees to act in its capacity as such upon the express conditions contained herein and the other Credit Documents, as applicable.&#160; The provisions of this Section&nbsp;8 are solely for the benefit of Agents; and Lenders and Borrower shall have no rights as a third-party beneficiary of any of the provisions hereof.&#160; In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders or Secured Parties, as applicable, and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for Borrower or any of its Subsidiaries.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.2. Powers and Duties</font></b><b>.</b>&#160; Each Lender irrevocably authorizes each Agent to take such action on such Lender&#146;s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto.&#160; Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents.&#160; As to those duties and responsibilities not expressly specified herein or in the other Credit Documents, each Agent shall be entitled to refrain from acting until it has received written approval from the Lenders in accordance with Section&nbsp;9.5, including when a Default or Event of Default has occurred and is continuing. Each Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees.&#160; No Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Lender or any other Person; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall be so construed as to impose upon any Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth herein or therein.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.3. General Immunity</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>No Responsibility for Certain Matters</u>.&#160; No Agent shall be responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to Lenders or by or on behalf of Borrower to any Agent or any Lender in connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of Borrower or any other Person liable for the payment of any Obligations, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing.&#160; Anything contained herein to the contrary notwithstanding, Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the component amounts thereof.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(b)&nbsp;<u>Exculpatory Provisions</u>.&#160; No Agent nor any of its officers, partners, directors, employees, agents, sub-agents or affiliates shall be liable to Lenders for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent&#146;s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction.&#160; Each Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from Requisite Lenders (or such other Lenders as may be required to give such instructions under Section&nbsp;9.5) and, upon receipt of such instructions from Requisite Lenders (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions, including for the avoidance of doubt refraining from any action that, in its opinion or the opinion of its counsel, may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law.&#160; Without prejudice to the generality of the foregoing, (i)&nbsp;each Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for Borrower and its Subsidiaries), accountants, experts and other professional advisors</font>  </font>selected by it; and (ii)&nbsp;no Lender shall have any right of action whatsoever against any Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or under any of the other Credit Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under Section&nbsp;9.5). An Agent shall not be responsible for the actions of any sub-agent or Affiliate appointed by such Agent in accordance with the provisions of this Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Delegation of Duties</u>. Each Agent may perform any and all of its duties and exercise its rights and powers under this Agreement or under any other Credit Document by or through any one or more sub-agents appointed by such Agent. Each Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory, indemnification and other provisions of this Section&nbsp;8.3 and of Section&nbsp;8.6 shall apply to any the Affiliates of an Agent and shall apply to their respective activities in connection with the syndication of the credit facility provided for herein as well as activities as an Agent.&#160; All of the rights, benefits, and privileges (including the exculpatory and indemnification provisions) of this Section&nbsp;8.3 and of Section&nbsp;8.6 shall apply to any such sub-agent and to the Affiliates of any such sub-agent, and shall apply to their respective activities as sub-agent as if such sub-agent and Affiliates were named herein.&#160; Notwithstanding anything herein to the contrary, with respect to each sub-agent appointed by an Agent, (i)&nbsp;such sub-agent shall be a third-party beneficiary under this Agreement with respect to all such rights, benefits and privileges (including exculpatory rights and rights to indemnification) and shall have all of the rights and benefits of a third-party beneficiary, including an independent right of action to enforce such rights, benefits and privileges (including exculpatory rights and rights to </p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indemnification) directly, without the consent or joinder of any other Person, against any or all of Borrower and the Lenders, (ii)&nbsp;such rights, benefits and privileges (including exculpatory rights and rights to indemnification) shall not be modified or amended without the consent of such sub-agent, and (iii)&nbsp;such sub-agent shall only have obligations to the Agent that appointed such sub-agent and not to Borrower, Lender or any other Person and none of Borrower, a Lender or any other Person shall have any rights, directly or indirectly, as a third-party beneficiary or otherwise, against such sub-agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.4. Agents Entitled to Act as Lender</font></b><b>.</b>&#160; The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder.&#160; With respect to its participation in the Loans, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term &#147;Lender&#148; shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity.&#160; Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with Borrower or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from Borrower for services in connection therewith and otherwise without having to account for the same to Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.5. Lenders&#146; Representations, Warranties and Acknowledgment</font></b><b>.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of Borrower and its Subsidiaries in connection with the Loans hereunder and entering into this Agreement, and that it has made and shall continue to make its own appraisal of the creditworthiness of Borrower and its Subsidiaries.&#160; No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Each Lender, (i)&nbsp;by delivering its signature page&nbsp;to this Agreement or an Assignment Agreement, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the date of this Agreement or on any&#160; Funding Date, </font>and (ii)&nbsp;by funding its Loan on the initial Funding Date, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the initial Funding Date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.6. Right to Indemnity</font></b><b>.</b>&#160; Each Lender, in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, to the extent that such Agent shall not have been reimbursed by Borrower, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Agent in exercising its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Agent in any way relating to or arising out of this Agreement, the other Credit Documents, or the use of proceeds of the Loans; <u>provided</u> that no Lender shall be liable to an Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent&#146;s gross negligence or willful misconduct, as determined by a final, non-appealable judgment of a court of competent jurisdiction.&#160; If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; <u>provided</u> that in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender&#146;s Pro Rata Share thereof; and <u>provided further</u> that this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.7. Successor Administrative Agent and Collateral Agent</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font>Administrative Agent shall have the right to resign at any time by giving prior written notice thereof to Lenders and Borrower. Administrative Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to Borrower and Administrative Agent and signed by Requisite Lenders. Administrative Agent&#146;s resignation shall become effective on the earliest of (i)&nbsp;30 days after delivery of the notice of resignation (regardless of whether a successor has been appointed or not), (ii)&nbsp;the acceptance of an appointment as Administrative Agent hereunder by a successor Administrative Agent, or (iii)&nbsp;such other date, if any, agreed to by the Requisite Lenders.&#160; Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right, upon ten Business Days&#146; notice to Borrower, to appoint a successor Administrative Agent, which shall be reasonably acceptable to Borrower.&#160; If Requisite Lenders have not appointed a successor Administrative Agent, Requisite Lenders shall be deemed to have succeeded to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent. If the Requisite Lenders shall not have appointed a successor Administrative Agent by the date which is 20 days after delivery of a retiring Administrative Agent&#146;s notice of resignation, such retiring Administrative Agent may (but shall not be required to) petition a court of competent jurisdiction for the appointment of a successor Administrative Agent. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring (or retired) or removed Administrative Agent and the retiring (or retired) or removed Administrative Agent shall promptly transfer to such successor Administrative Agent all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Credit Documents, which records or other documents the retiring (or retired) or removed Administrative Agent then has in its possession. Upon the effectiveness of any resignation or removal of an Administrative Agent pursuant to this Section, such retiring or removed Administrative Agent shall be discharged from its duties</p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and obligations hereunder.&#160; Any resignation or removal pursuant to this Section&nbsp;8.7 of an Administrative Agent that is also acting as Offshore Collateral Agent shall also constitute its resignation as Offshore Collateral Agent and the provisions of Section&nbsp;8.7(b)&nbsp;below shall apply.&#160; After any retiring or removed Administrative Agent&#146;s resignation or removal hereunder as Administrative Agent, the provisions of this Agreement and the Credit Documents shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder.&#160; Any successor Administrative Agent appointed pursuant to this Section&nbsp;8.7 shall, upon its acceptance of such appointment, become the successor Offshore Collateral Agent for all purposes hereunder.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 26.95pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font>In addition to the foregoing, any Collateral Agent may resign at any time by giving prior written notice thereof to Lenders and Borrower. Any Collateral Agent may be removed at any time with or without cause by an instrument or concurrent instruments in writing delivered to Borrower and such Collateral Agent signed by Requisite Lenders.&#160; The resignation of any Collateral Agent shall become effective on the earliest of (i)&nbsp;30 days after delivery of the notice of resignation (regardless of whether a successor has been appointed or not), (ii)&nbsp;the acceptance of an appointment as a Collateral Agent hereunder by a successor Collateral Agent, or (iii)&nbsp;such other date, if any, agreed to by the Requisite Lenders.&#160; Upon any such notice of resignation or any such removal, Requisite Lenders shall have the right, upon ten Business Days&#146; notice to Administrative Agent, to appoint a successor Collateral Agent, which shall be reasonably acceptable to Borrower.&#160; If the Requisite Lenders shall not have appointed a successor Collateral Agent by the date which is 30 days after delivery of a retiring Collateral Agent&#146;s notice of resignation, such retiring Collateral Agent may (but shall not be required to) petition a court of competent jurisdiction for the appointment of a successor Collateral Agent. Until a successor Collateral Agent is so appointed by Requisite Lenders or a court of competent jurisdiction, any collateral security held by such Collateral Agent on behalf of the Secured Parties under any of the Credit Documents shall continue to be held by the retiring Collateral Agent as nominee until such time as a successor Collateral Agent is appointed.&#160; Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Collateral Agent under this Agreement and the Credit Documents, and the retiring or removed Collateral Agent under this Agreement shall promptly (i)&nbsp;transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held hereunder or under the Credit Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under this Agreement and the Credit Documents, which records or other documents the retiring or removed Collateral Agent then has in its possession, and (ii)&nbsp;execute and deliver to such successor Collateral Agent or otherwise authorize the filing of such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the assignment to such successor Collateral Agent of the security interests created under the Credit Documents, whereupon such retiring or removed Collateral Agent shall be discharged from its duties and obligations under this Agreement and the Credit Documents.&#160; After any retiring or removed Collateral Agent&#146;s resignation or removal hereunder as a Collateral Agent, the provisions of this Agreement and the Credit Documents shall inure to</p>
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<p style="margin:0in 0in .0001pt 26.65pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">its benefit as to any actions taken or omitted to be taken by it under this Agreement or the Credit Documents while it was a Collateral Agent hereunder.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.8. Collateral Documents</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Agents under Collateral Documents</u>.&#160; Each Secured Party hereby further authorizes Administrative Agent and Collateral Agents, as applicable, on behalf of and for the benefit of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Collateral and the Collateral Documents.&#160; Subject to Section&nbsp;9.5, without further written consent or authorization from any Secured Party, Administrative Agent or any Collateral Agent, as applicable may execute any documents or instruments necessary, in connection with a sale or disposition of assets permitted by this Agreement, to release any Lien encumbering any item of Collateral that is the subject of such sale or other disposition of assets or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section&nbsp;9.5) have otherwise consented.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Right to Realize on Collateral</u>.&#160; Anything contained in any of the Credit Documents to the contrary notwithstanding, Borrower, Administrative Agent, Collateral Agents and each Secured Party hereby agree that (i)&nbsp;no Secured Party shall have any right individually to realize upon any of the Collateral, it being understood and agreed that all powers, rights and remedies hereunder and under any of the Credit Documents may be exercised solely by Administrative Agent or Collateral Agents, as applicable, for the benefit of the Secured Parties in accordance with the terms hereof and thereof and all powers, rights and remedies under the Collateral Documents may be exercised solely by Collateral Agents for the benefit of the Secured Parties in accordance with the terms thereof, and (ii)&nbsp;in the event of a foreclosure or similar enforcement action by a Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, such Collateral Agent (or any Lender, except with respect to a &#147;credit bid&#148; pursuant to Section&nbsp;363(k), Section&nbsp;1129(b)(2)(a)(ii)&nbsp;or otherwise of the Bankruptcy Code,) may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and such Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities) shall be entitled, upon instructions from Requisite Lenders, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale or disposition, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by such Collateral Agent at such sale or other disposition.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Collateral Agents shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of Collateral Agents&#146; Liens thereon, or any certificate prepared by Borrower in connection therewith, nor shall Collateral Agents be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.9. Withholding Taxes</font></b>.&#160; To the extent required by any applicable law, Administrative Agent may withhold from any payment to any Lender an amount equivalent to any applicable</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">withholding Tax.&#160; If any Governmental Authority asserts a claim that Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender because the appropriate form was not delivered or was not properly executed or because such Lender failed to notify Administrative Agent of a change in circumstance which rendered the exemption from, or reduction of, withholding Tax ineffective or for any other reason, or if Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding tax from such payment, such Lender shall indemnify Administrative Agent fully for all amounts paid, directly or indirectly, by Administrative Agent as Tax or otherwise, including any penalties or interest and together with all expenses (including legal expenses, allocated internal costs and out-of-pocket expenses) incurred.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.10. Special Provision regarding Onshore Collateral Agent</font></b>. Onshore Collateral Agent shall not be liable for failure to perform any of its obligations under this Agreement or any of the other Credit Documents where such failure is due to any of the following: restrictions on transfer and/or conversion of the relevant currency, confiscation, expropriation, nationalization, acts of war, civil riot or insurrection, acts by any governmental or similar agency (de jure or de facto), or other cases of force majeure or circumstances beyond Onshore Collateral Agent&#180;s control. Only the assets of Onshore Collateral Agent shall be used for the purpose of meeting its obligations under this Agreement and the other Credit Documents.&#160; No office or branch of Citibank, N.A. (including its head office in the United States) other than the branch of Citibank N.A. established in the Republic of Argentina, and no entity or Person affiliated and/or related to Citibank N.A., shall be liable for performance of the obligations of Onshore Collateral Agent under this Agreement and the other Credit Documents. Accordingly, Borrower, each of the Lenders, Administrative Agent and Offshore Collateral Agent hereby expressly waive any right to look to or seek payment from or at any office, branch or affiliate of Citibank, N.A. outside of Argentina.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 63.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION&nbsp;9. MISCELLANEOUS</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.1. Notices</font></b>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Notices Generally</u>.&#160; Any notice or other communication herein required or permitted to be given to Borrower, any Collateral Agent or Administrative Agent, shall be sent to such Person&#146;s address as set forth on Appendix B or in the other relevant Credit Document, and in the case of any notice or communications to any Lender, shall be sent to such Lender&#146;s address as indicated on Appendix&nbsp;B or otherwise indicated to Administrative Agent in writing.&#160; Except as otherwise set forth in paragraph (b)&nbsp;below, each notice hereunder shall be in writing and may be personally served or sent by e-mail or telefacsimile (except for any notices sent to Administrative Agent or Collateral Agents) or airmail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of the e-mail or telefacsimile, or three Business Days after depositing it in the mail with postage prepaid and properly addressed; <u>provided</u> that no notice to any Agent shall be effective until received by such Agent; <u>provided further</u> that any such notice or other communication shall at the request of any Agent be provided to any sub-agent appointed pursuant to Section&nbsp;8.3(c)&nbsp;or Affiliate as designated by such Agent from time to time.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 9.35pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Electronic Communications</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>Funding Notices and other communications to any Agent and Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites, including the Platform) pursuant to procedures approved by Administrative Agent in writing; <u>provided</u> that the foregoing shall not apply to notices to any Agent or any Lender pursuant to Section&nbsp;2 if such Person has notified Administrative Agent and Borrower in writing that it is incapable of receiving notices under such Section&nbsp;by electronic communication.&#160; Administrative Agent, any Collateral Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications.&#160; Unless Administrative Agent otherwise prescribes, (i)&nbsp;notices and other communications sent to an e-mail address shall be deemed received upon the sender&#146;s receipt of an acknowledgment from the intended recipient (such as by the &#147;return receipt requested&#148; function, as available, return e-mail or other written acknowledgment); <u>provided</u> that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii)&nbsp;notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause&nbsp;(i)&nbsp;of notification that such notice or communication is available and identifying the website address therefor.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>Borrower understands that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent caused by the willful misconduct or gross negligence of Administrative Agent, as determined by a final, non-appealable judgment of a court of competent jurisdiction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;</font>The Platform and any Approved Electronic Communications are provided &#147;as is&#148; and &#147;as available&#148;.&#160; None of Agents or any of their respective officers, directors, employees, agents, advisors or representatives (the <b>&#147;Agent Affiliates&#148;</b>) warrant the accuracy, adequacy, or completeness of the Approved Electronic Communications or the Platform and each expressly disclaims liability for errors or omissions in the Platform and the Approved Electronic Communications, except to the extent caused by the willful misconduct or gross negligence of Administrative Agent or any Agent Affiliate, as determined by a final, non-appealable judgment of a court of competent jurisdiction.&#160; No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects is made by the Agents or the Agent Affiliates in connection with the Platform or the Approved Electronic Communications, except in each case to the extent caused by the willful misconduct or gross negligence of Administrative Agent or any Agent Affiliate, as determined by a final, non-appealable judgment of a court of competent jurisdiction.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;</font>Borrower, each Lender, and each Agent agrees that Administrative Agent may, but shall not be obligated to, store any Approved Electronic Communications on the Platform in accordance with Administrative Agent&#146;s customary document retention procedures and policies.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;<u>Private-Side Information Contacts</u>.&#160; Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the &#147;Private Side Information&#148; or similar designation on the content declaration screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender&#146;s compliance procedures and applicable law, to make reference to information that is not otherwise made available through the &#147;Public-Side Information&#148; portion of the Platform and that may contain Private-Side Information.&#160; In the event that any Public Lender has determined for itself to not access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that (i)&nbsp;other Lenders may have availed themselves of such information and (ii)&nbsp;neither Borrower nor any Agent has any responsibility for such Public Lender&#146;s decision to limit the scope of the information it has obtained in connection with this Agreement and the other Credit Documents.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.2. Expenses</font></b>.&#160; Whether or not the transactions contemplated hereby shall be consummated, Borrower agrees to pay promptly, but in any event within ten (10)&nbsp;days, (a)&nbsp;all the actual reasonable and documented costs and expenses incurred in connection with the negotiation, preparation and execution of the Credit Documents (to the extent set forth in separate writings with any Agent and with the Lenders as of the date hereof) and any consents, amendments, waivers or other modifications thereto; (b)&nbsp;all the costs of furnishing all opinions by counsel for Borrower; (c)&nbsp;the reasonable and documented fees, expenses and disbursements of counsel to Agents up to the amount separately agreed with the Agents in connection with the negotiation, preparation, execution and administration of the Credit Documents and any consents, amendments, waivers or other modifications thereto and any other documents or matters requested by Borrower; (d)&nbsp;all the actual reasonable and documented costs and expenses of creating, perfecting, recording, maintaining and preserving Liens in favor of Collateral Agent, for the benefit of Secured Parties, including filing and recording fees, expenses, stamp or documentary Taxes, search fees, title insurance premiums, and reasonable and documented fees, expenses and disbursements of counsel to each Agent in connection with the foregoing, including any opinions that any Agent or Requisite Lenders may request in respect of the Collateral or the Liens created pursuant to the Collateral Documents, in each case up to such amount as may be separately agreed by Borrower and the Agents; (e)&nbsp;all the actual reasonable and documented costs, fees, expenses and disbursements of any of the Borrower&#146;s auditors, accountants, consultants or appraisers; and (f)&nbsp;after the occurrence of a Default or an Event of Default, all costs and expenses, including reasonable attorneys&#146; fees, incurred by any Agent and Lenders in enforcing any Obligations of or in collecting any payments due from Borrower hereunder or under the other Credit Documents by reason of such Default or Event of Default (including in connection with the sale, lease or license of, collection from, or other realization upon any of the Collateral).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.3. Indemnity</font></b>.</p>
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<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;In addition to the payment of expenses pursuant to Section&nbsp;9.2, whether or not the transactions contemplated hereby shall be consummated, Borrower agrees to defend (subject to Indemnitees&#146; selection of counsel), indemnify, pay and hold harmless, each Agent and Lender and each of their respective officers, partners, members, directors, trustees, advisors, employees, agents, sub-agents and affiliates (each, an <b>&#147;Indemnitee&#148;</b>), from and against any and all Indemnified Liabilities; <u>provided</u> that Borrower shall have no obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise directly from the gross negligence or willful misconduct of such Indemnitee, in each case, as determined by a final, non-appealable judgment of a court of competent jurisdiction; <u>provided</u>, <u>however</u>, that in no event will Borrower have any liability for any indirect, consequential, special or punitive damages in connection with or as a result of Borrower&#146;s activities related to this Agreement, any Credit Document, or the transactions contemplated hereby or thereby or referred to herein or therein.&#160; To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section&nbsp;9.3 may be unenforceable in whole or in part because they are in violation of any law or public policy, Borrower shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. This Section&nbsp;9.3(a)&nbsp;shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages,&nbsp;etc. arising from any non-Tax claim.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font>To the extent permitted by applicable law, Borrower shall not assert, and Borrower hereby waives, any claim against each Lender and each Agent and their respective Affiliates, directors, employees, attorneys, agents or sub-agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any other Credit Document, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and Borrower hereby waives, releases and agrees not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font>Borrower also agrees that no Lender or Agent nor their respective Affiliates, directors, employees, attorneys, agents or sub-agents will have any liability to Borrower or any person asserting claims on behalf of or in right of Borrower or any other person in connection with or as a result of this Agreement or any other Credit Document, the transactions contemplated hereby or thereby, any Loan, or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, in each case, except to the extent that any losses, claims, damages, liabilities or expenses incurred by Borrower or its affiliates, employees, directors, shareholders, partners or other equity holders have been found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted directly from the gross negligence or willful misconduct of such Lender or Agent or their respective Affiliates, directors, employees, attorneys, agents or sub-agents in performing its obligations under this Agreement or any Credit Document or the transactions contemplated hereby or thereby or referred to herein or therein; <u>provided</u>, <u>however</u>, that in no event will such Lender or Agent, or their respective </p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Affiliates, directors, employees, attorneys, agents or sub-agents, have any liability for any indirect, consequential, special or punitive damages in connection with or as a result of such Lender&#146;s or Agent&#146;s, or their respective Affiliates&#146;, directors&#146;, employees&#146;, attorneys&#146;, agents&#146; or sub-agents&#146; activities related to this Agreement, any Credit Document, or the transactions contemplated hereby or thereby or referred to herein or therein.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.4. Set-Off</font></b><b>.</b>&#160; In addition to any rights now or hereafter granted under applicable law and not by way of limitation of any such rights, upon the occurrence of any Event of Default each Lender is hereby authorized by Borrower at any time or from time to time, without notice to Borrower or to any other Person (other than written notice&#160; to Administrative Agent), any such notice being hereby expressly waived, to set off and to appropriate and to apply any and all deposits (general or special, including Debt evidenced by certificates of deposit, whether matured or unmatured, but not including trust accounts) and any other Debt at any time held or owing by such Lender or any of its Affiliates to or for the credit or the account of Borrower against and on account of the Obligations of Borrower owed to such Lender hereunder and under the other Credit Documents, including all claims of any nature or description arising out of or connected hereto and participations therein or with any other Credit Document, irrespective of whether or not such Lender shall have made any demand hereunder; <u>provided</u> that in the event that any Defaulting Lender shall exercise any such right of setoff, (x)&nbsp;all amounts so set off shall be paid over immediately to Administrative Agent for further application in accordance with the provisions of Sections 2.13 and 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of Administrative Agent and the Lenders, and (y)&nbsp;the Defaulting Lender shall provide promptly to Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.&#160; The rights of each Lender and its respective Affiliates under this Section&nbsp;9.4 are in addition to other rights and remedies (including other rights of setoff) that such Lender or their respective Affiliates may have.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.5. Amendments and Waivers</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Requisite Lenders&#146; Consent</u>.&#160; Subject to the additional requirements of Sections 9.5(b), 9.5(c)&nbsp;and 9.5(d), no amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by Borrower therefrom, shall in any event be effective without the written concurrence of Requisite Lenders; <u>provided</u> that Administrative Agent may, with the consent of Borrower only, amend, modify or supplement this Agreement or any other Credit Document to cure any ambiguity, omission, defect or inconsistency (as reasonably determined by Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender or the Lenders shall have received at least five Business Days&#146; prior written notice thereof and Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Requisite Lenders stating that the Requisite Lenders object to such amendment.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;</font><u>Affected Lenders&#146; Consent</u>.&#160; Without the written consent of each Lender that would be directly and adversely affected thereby, no amendment, modification, termination, or consent shall be effective if the effect thereof would:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>extend the scheduled final maturity of any Loan;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>waive, reduce or postpone any scheduled repayment (but not prepayment);</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;</font>reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to Section&nbsp;2.6) or any fee payable hereunder;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;</font>extend the time for payment of any such interest or fees;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;</font>reduce the principal amount of any Loan;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&nbsp;</font>amend, modify, terminate or waive any provision of this Section&nbsp;9.5(b), Section&nbsp;9.5(c)&nbsp;or any other provision of this Agreement that expressly provides that the consent of all Lenders is required;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&nbsp;</font>amend the definition of &#147;Requisite Lenders&#148; or &#147;Pro Rata Share&#148;;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&nbsp;</font>release all or substantially all of the Collateral except as expressly provided in the Credit Documents and except in connection with a &#147;credit bid&#148; undertaken by a Collateral Agent at the direction of the Requisite Lenders pursuant to Section&nbsp;363(k), Section&nbsp;1129(b)(2)(a)(ii)&nbsp;or otherwise of the Bankruptcy Code or other sale or disposition of assets in connection with an enforcement action with respect to the Collateral permitted pursuant to the Credit Documents (in which case only the consent of the Requisite Lenders will be needed for such release); or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&nbsp;</font>consent to the assignment or transfer by Borrower of any of its rights and obligations under any Credit Document.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Other Consents</u>.&#160; No amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by Borrower therefrom, shall:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>increase the Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; <u>provided</u> that no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in the Commitment of any Lender;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>alter the required application of any repayments or prepayments pursuant to Section&nbsp;2.11 without the consent of the Requisite Lenders; or</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;</font>amend, modify, terminate or waive any provision of the Credit Documents as the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Conditions Precedent.</u>&#160; Without the written consent of each Lender, no amendment, modification, termination, or consent with respect to any of the conditions precedent set forth in Sections 3.1 or 3.2 shall be effective.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Execution of Amendments, Etc.</u>&#160; Administrative Agent may, but shall have no obligation to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.&#160; Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.&#160; No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances.&#160; Any amendment, modification, termination, waiver or consent effected in accordance with this Section&nbsp;9.5 shall be binding upon each Lender at the time outstanding, each future Lender and, if signed by a Borrower, on Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.6. Successors and Assigns; Participations</font></b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;</font><u>Generally</u>.&#160; This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Agents and Lenders.&#160; None of Borrower&#146;s rights or obligations hereunder nor any interest therein may be assigned or delegated by Borrower without the prior written consent of all Lenders.&#160; Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates and sub-agents of Agents and Lenders and other Indemnitees) any legal or equitable right, remedy or claim under or by reason of this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;<u>Register</u>.&#160; Borrower, Administrative Agent and Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case, unless and until recorded in the Register following receipt of a fully executed Assignment Agreement effecting the assignment or transfer thereof in accordance with this Agreement, any required forms and certificates regarding tax matters, and any fees payable in connection with such assignment, as provided in Section&nbsp;9.6(d).&#160; Each assignment shall be recorded in the Register promptly following receipt by Administrative Agent of the fully executed Assignment Agreement and all other necessary documents and approvals, prompt notice thereof shall be provided to Borrower and a copy of such Assignment Agreement shall be maintained, as applicable.&#160; The date of such recordation of a transfer shall be referred to herein as the <b>&#147;Assignment Effective Date.&#148;</b>&#160; Any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent,</font></p>
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<p style="margin:0in 0in .0001pt 27.35pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;</font><u>Right to Assign</u>.&#160; Each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations under this Agreement, including all or a portion of its Commitment or outstanding Loans owing to it or other Obligations (<u>provided</u>, <u>however</u>, that pro rata assignments shall not be required and each assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any applicable Loan and any related Commitments):</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>to any Person meeting the criteria of clause (i)&nbsp;of the definition of the term &#147;Eligible Assignee&#148; upon five Business Days&#146; advanced written notice to Borrower and Administrative Agent; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>to any Person meeting the criteria of clause (ii)&nbsp;or clause (iii)&nbsp;of the definition of the term &#147;Eligible Assignee&#148; upon ten Business Days&#146; advanced written notice to Borrower and Administrative Agent and with the prior written consent of each of Borrower and Administrative Agent (such consent not to be (x)&nbsp;other than in the case of any Eligible Assignee that is not a commercial bank, unreasonably withheld or delayed or, (y)&nbsp;required at any time an Event of Default shall have occurred and then be continuing);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided further</font></u> that each such assignment pursuant to Section&nbsp;9.6(c)(ii)&nbsp;shall be in an aggregate amount of not less than (A)&nbsp;$20,000,000, (B)&nbsp;such lesser amount as agreed to by Borrower and Administrative Agent in its sole discretion, or (C)&nbsp;the aggregate outstanding amount of the Loans of the assigning Lender.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;</font><u>Mechanics</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>Assignments and assumptions of Loans and Commitments by Lenders shall be effected by manual execution and delivery to Administrative Agent of an Assignment Agreement.&#160; Assignments made pursuant to the foregoing provision shall be effective as of the Assignment Effective Date.&#160; In connection with all assignments there shall be delivered to Administrative Agent payment of a registration and processing fee of $3,000.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;</font>In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of Borrower and Administrative Agent, the applicable Pro Rata Share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x)&nbsp;pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to Agents and each other Lender hereunder (and interest accrued</p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">thereon), and (y)&nbsp;acquire (and fund as appropriate) its full Pro Rata Share of all Loans.&#160; Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;</font><u>Representations and Warranties of Assignee</u>.&#160; Each Lender, upon execution and delivery hereof or upon succeeding to an interest in the Commitments and Loans, as the case may be, represents and warrants as of the date of this Agreement or as of the Assignment Effective Date, respectively, that (i)&nbsp;it is an Eligible Assignee; (ii)&nbsp;it has experience and expertise in the making of or investing in commitments or loans such as the applicable Commitment or Loans, as the case may be; and (iii)&nbsp;it will make or invest in, as the case may be, its Commitment or Loans for its own account in the ordinary course and without a view to distribution of such Commitment or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section&nbsp;9.6, the disposition of such Commitment or Loans or any interests therein shall at all times remain within its exclusive control); and (iv)&nbsp;it will not provide any information obtained by it in its capacity as a Lender to Borrower or any Affiliate of Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;</font><u>Effect of Assignment</u>.&#160; Subject to the terms and conditions of Section&nbsp;9.6, as of the Assignment Effective Date (i)&nbsp;the assignee thereunder shall have the rights and obligations of a &#147;Lender&#148; hereunder to the extent of its interest in the Loans and Commitments as reflected in the Register and shall thereafter be a party hereto and a &#147;Lender&#148; for all purposes hereof; (ii)&nbsp;the assigning Lender thereunder shall, solely to the extent that its rights and obligations hereunder have been assigned to the assignee, relinquish its rights (other than any rights which survive the termination hereof under Section&nbsp;9.8) and be released from its obligations hereunder (and, in the case of an assignment covering all or the remaining portion of an assigning Lender&#146;s rights and obligations hereunder, such Lender shall cease to be a party hereto on the Assignment Effective Date; <u>provided</u> that anything contained in any of the Credit Documents to the contrary notwithstanding, such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising prior to the Assignment Effective Date out of the prior involvement of such assigning Lender as a Lender hereunder); and (iii)&nbsp;the Commitments shall be modified to reflect any Commitment of such assignee and any Commitment of such assigning Lender, if any.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;</font><u>Participations</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;</font>Each Lender shall have the right at any time to sell one or more participations to any Person (other than (x)&nbsp;Borrower, any of its Subsidiaries or any of its Affiliates, (y)&nbsp;any natural person, and (z)&nbsp;any other entity that is not a Lender, an Affiliate of a Lender, a Related Fund of a Lender or a commercial bank unless an Event of Default has occurred and is continuing) in all or any part of its Commitment, Loans or in any other Obligation owed to it. Each Lender that sells a participation pursuant to this Section&nbsp;9.6(g)&nbsp;shall, acting solely for U.S. federal income tax purposes as a non-fiduciary agent</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of Borrower, maintain a register on which it records the name and address of each participant and the principal amounts (and stated interest) of each participant&#146;s participation interest with respect to the Loan (each, a <b>&#147;Participant Register&#148;</b>); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant&#146;s interest in any Commitment, Loans or its other obligations under this Agreement) except to the extent that the relevant parties, acting reasonably and in good faith, determine that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section&nbsp;5f.103-1(c)&nbsp;of the United States Treasury Regulations. Any such recordation shall be conclusive and binding on Borrower and each Lender, absent manifest error; <u>provided</u> that failure to make any such recordation, or any error in such recordation, shall not affect Borrower&#146;s Obligations in respect of any Loan. Unless otherwise required by the </font>U.S. Internal Revenue Service, any disclosure required by the foregoing sentence shall be made by the relevant Lender directly and solely to the U.S. Internal Revenue Service.&#160; The entries in the Participant Register shall be <i>prima facie</i> evidence of, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of, a participation with respect to the Loan for all purposes under this Agreement, notwithstanding any notice to the contrary.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;The holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (A)&nbsp;extend the final scheduled maturity of any Loan in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post-default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant&#146;s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant&#146;s participation is not increased as a result thereof), (B)&nbsp;consent to the assignment or transfer by Borrower of any of its rights and obligations under this Agreement or (C)&nbsp;release all or substantially all of the Collateral under the Collateral Documents (except as expressly provided in the Credit Documents</font> and as described in Section&nbsp;9.5(b)(viii)) supporting the Loans hereunder in which such participant is participating.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;Borrower agrees that each participant shall be entitled to the benefits of Section&nbsp;2.14(c)&nbsp;and 2.16 to the same extent as if it were a Lender and had acquired its participation pursuant to paragraph (c)&nbsp;of this Section; <u>provided</u> that (x)&nbsp;a participant shall not be entitled to a greater payment under Sections 2.14(c)&nbsp;and 2.16 with respect to any participation than its participating Lender would have been entitled to receive in the absence of such participation; (y)&nbsp;such participant shall not be entitled to any benefits under Section&nbsp;2.16 unless Borrower is notified of the participation sold to such participant and such participant agrees, for the benefit of Borrower, to comply with</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;2.16 as though it were a Lender; and (z)&nbsp;such participant agrees to be subject to the provisions of Sections 2.17 and 2.19 as if it were an assignee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;</font><u>Certain Other Assignments and Participations</u>.&#160; In addition to any other assignment or participation permitted pursuant to this Section&nbsp;9.6, any Lender may assign, pledge and/or grant a security interest in all or any portion of its Loans, the other Obligations owed by or to such Lender to secure obligations of such Lender to any Federal Reserve Bank as collateral security pursuant to Regulation&nbsp;A of the Board of Governors and any operating circular issued by such Federal Reserve Bank; <u>provided</u> that no Lender, as between Borrower and such Lender or between an Agent and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and <u>provided further</u> that in no event shall the applicable Federal Reserve Bank be considered to be a &#147;Lender&#148; or be entitled to require the assigning Lender to take or omit to take any action hereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.7. Independence of Covenants</font></b><b>.</b>&#160; All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.8. Survival of Representations, Warranties and Agreements</font></b><b>.</b>&#160; All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Loan.&#160; Notwithstanding anything herein or implied by law to the contrary, the agreements of Borrower set forth in Sections 2.15, 2.16, 9.2, 9.3 and 9.4 and the agreements of Lenders set forth in Sections&nbsp;2.13, 8.3(b)&nbsp;and 8.6 shall survive the payment of the Loans and the termination hereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.9. No Waiver; Remedies Cumulative</font></b><b>.</b>&#160; No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other power, right or privilege.&#160; The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule&nbsp;of law or in any of the other Credit Documents.&#160; Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.10. Marshalling; Payments Set Aside</font></b><b>.</b>&#160; No Agent or Lender shall be under any obligation to marshal any assets in favor of Borrower or any other Person or against or in payment of any or all of the Obligations.&#160; To the extent that Borrower makes a payment or payments to Administrative Agent or Lenders (or to Administrative Agent, on behalf of Lenders), or any Agent or Lender enforces any security interests or exercises any right of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.11. Severability</font></b><b>.</b>&#160; In case any provision in or obligation hereunder or under any other Credit Document shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.12. Obligations Several; Independent Nature of Lenders&#146; Rights</font></b><b>.</b>&#160; The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder.&#160; Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time hereunder to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.13. Headings</font></b><b>.</b>&#160; Section&nbsp;headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.14. APPLICABLE LAW</font></b>.&#160; <b>THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING, WITHOUT LIMITATION, ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.</b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.15. CONSENT TO JURISDICTION</font></b>.&#160; <b>(a)&nbsp;SUBJECT TO CLAUSE (E)&nbsp;OF THE </b><b>FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT DOCUMENTS, OR ANY OF THE OBLIGATIONS HEREUNDER, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR,&nbsp;IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION,&nbsp;IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK.&nbsp; BY EXECUTING AND DELIVERING THIS AGREEMENT, BORROWER, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A)&nbsp;ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO CLAUSE (E)&nbsp;BELOW) JURISDICTION AND VENUE OF SUCH COURTS; (B)&nbsp;WAIVES ANY DEFENSE OF</b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORUM NON CONVENIENS; (C)&nbsp;AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY&nbsp;BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO BORROWER&#146;S AGENT AT ITS ADDRESS PROVIDED IN SECTION&nbsp;9.15(b)&nbsp;BELOW, (D)&nbsp;AGREES THAT SERVICE AS PROVIDED ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER BORROWER IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E)&nbsp;AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST BORROWER IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS AGAINST ANY COLLATERAL OR THE ENFORCEMENT OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH COURT.</font></b></p>
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<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Borrower hereby appoints CT Corporation System, with an office at 111 Eighth Avenue &#151; 13th Floor, New York, New York 10011, as its agent for service of process in any matter related to this Agreement or the other Credit Documents and shall provide written evidence to the Agents and the Lenders of acceptance of such appointment by such agent on or prior to the initial Funding Date.</font></p>
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<p style="margin:0in 0in .0001pt 27.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;Borrower hereby irrevocably waives, to the fullest extent it may effectively do so, in connection with any legal action or proceeding arising out of or in connection with the Agreement or any other Credit Document (collectively, &#147;Proceedings&#148;) instituted against Borrower in Argentina (i)&nbsp;the right to demand that any Agent or Lender posts a performance bond or guarantee (<i>excepci&#243;n de arraigo</i>) and (ii)&nbsp;the right to challenge without cause the presiding judge or any other member of the court having jurisdiction over any such Proceedings.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.16. WAIVER OF JURY TRIAL</font></b>.&#160; <b>EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED.&#160; THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY&nbsp;BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,&nbsp;INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.&#160; EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.&#160; EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS</b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOLLOWING CONSULTATION WITH LEGAL COUNSEL.&#160; THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY&nbsp;NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION&nbsp;9.16 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER.&#160; IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY&nbsp;BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.17. Confidentiality.</font></b>&#160; Each Agent and each Lender shall hold all non-public information regarding Borrower, its Subsidiaries and Affiliates and their businesses identified as such by Borrower and obtained by such Agent or such Lender pursuant to the transactions contemplated herein in accordance with such Agent&#146;s and such Lender&#146;s customary procedures for handling confidential information of such nature, it being understood and agreed by Borrower that, in any event, Administrative Agent may disclose such information to the Lenders and each Agent and each Lender and each Agent may make (i)&nbsp;disclosures of such information to Affiliates of such Lender or Agent and to their respective officers, directors, partners, members, employees, legal counsel, independent auditors and other advisors, experts or agents who need to know such information and on a confidential basis (and to other Persons authorized by a Lender or Agent to organize, present or disseminate such information in connection with disclosures otherwise made in accordance with this Section&nbsp;9.17), (ii)&nbsp;disclosures of such information reasonably required by any potential or prospective assignee, transferee or participant in connection with the contemplated assignment, transfer or participation of any Loans or any participations therein or by any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction relating to Borrower and its obligations (<u>provided</u> that such assignees, transferees, participants, counterparties and advisors are advised of and agree to be bound by either the provisions of this Section&nbsp;9.17 or other provisions at least as restrictive as this Section&nbsp;9.17), (iii)&nbsp;disclosure to any rating agency when required by it; <u>provided</u> that, prior to any disclosure, such rating agency shall undertake in writing to preserve the confidentiality of any confidential information relating to Borrower, its Subsidiaries and Affiliates and their businesses received by it from any Agent or any Lender, (iv)&nbsp;disclosure on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the Loans, (v)&nbsp;disclosures in connection with the exercise of any remedies hereunder or under any other Credit Document, (vi)&nbsp;disclosures made pursuant to the order of any court or administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case such Person agrees to inform Borrower promptly thereof to the extent not prohibited by law) and (vii)&nbsp;disclosures made upon the request or demand of any regulatory or quasi-regulatory authority purporting to have jurisdiction over such Person or any of its Affiliates.&#160; In addition, each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to Agents and Lenders in connection with the administration and management of this Agreement and the other Credit Documents.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.18. Usury Savings Clause</font></b><b>.</b>&#160; Notwithstanding any other provision herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law, shall not exceed the Highest Lawful Rate.&#160; If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect.&#160; In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by law, Borrower shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.&#160; Notwithstanding the foregoing, it is the intention of Lenders and Borrower to conform strictly to any applicable usury laws.&#160; Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender&#146;s option be applied to the outstanding amount of the Loans made hereunder or be refunded to Borrower.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.19. Effectiveness; Counterparts</font></b><b>.</b>&#160; This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by Borrower and Administrative Agent of written notification of such execution and authorization of delivery thereof.&#160; This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page&nbsp;of this Agreement by facsimile or in electronic format (i.e., &#147;pdf&#148; or &#147;tif&#148;) shall be effective as delivery of a manually executed counterpart of this Agreement.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.20. PATRIOT Act</font></b><b>.</b>&#160; Each Lender and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow such Lender or Administrative Agent, as applicable, to identify Borrower in accordance with the PATRIOT Act.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.21. Electronic Execution of Assignments</font></b><b>.&#160; </b>The words &#147;execution,&#148; &#147;signed,&#148; &#147;signature,&#148; and words of like import in any Assignment Agreement shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.22. No Fiduciary Duty</font></b>.&#160; Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the <b>&#147;Lenders&#148;</b>), may have economic interests that conflict</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with those of Borrower, its stockholders and/or their affiliates.&#160; Borrower agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and Borrower, its stockholders or its affiliates, on the other.&#160; Borrower acknowledges and agrees that (i)&nbsp;the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm&#146;s-length commercial transactions between Lenders, on the one hand, and Borrower, on the other, and (ii)&nbsp;in connection therewith and with the process leading thereto, (x)&nbsp;no Lender has assumed an advisory or fiduciary responsibility in favor of Borrower, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise Borrower, its stockholders or its Affiliates on other matters) or any other obligation to Borrower except the obligations expressly set forth in the Credit Documents and (y)&nbsp;each Lender is acting solely as principal and not as the agent or fiduciary of Borrower, its management, stockholders, creditors or any other Person.&#160; Borrower acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto.&#160; Borrower agrees that it will not claim that any Lender owes a fiduciary or similar duty to Borrower, in connection with such transaction or the process leading thereto.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.23. Obligation to Make Payment in Dollars; Judgment Currency</font></b>.&#160; The obligation of Borrower to make payments in Dollars of the principal of and interest on the Loans and any other amounts due hereunder or under any other Credit Document shall not be discharged or satisfied by any tender, or any recovery pursuant to any order, judgment or award, which is expressed in or converted into any currency other than Dollars, except to the extent such tender or recovery shall result in the actual receipt by Lenders of the full amount of Dollars expressed to be payable in respect of the principal of and interest on the Loans and all other amounts due hereunder or under any other Credit Document. The obligation of Borrower to make payments in Dollars as aforesaid shall be enforceable as an alternative or additional cause of action for the purpose of recovery in Dollars of the amount, if any, by which such actual receipt shall fall short of the full amount of Dollars expressed to be payable in respect of the principal of and interest on the Loans and any other amounts due under any other Credit Document, and shall not be affected by judgment being obtained for any other sums due under this Agreement or under any other Credit Document. In respect of any judgment or order given or made for any amount due under this Agreement or any other Credit Document that is expressed and paid in a currency (the &#147;<b>judgment currency</b>&#148;) other than Dollars, Borrower will indemnify Administrative Agent and any Lender against any loss incurred by them as a result of any variation as between (i)&nbsp;the rate of exchange at which the Dollar amount is converted into the judgment currency for the purpose of such judgment or order and (ii)&nbsp;the rate of exchange, as quoted by Administrative Agent or by a known dealer in the judgment currency that is designated by Administrative Agent, at which Administrative Agent or such Lender is able to purchase Dollars with the amount of the judgment currency actually received by Administrative Agent or such Lender.&#160; The foregoing indemnity shall constitute a separate and independent obligation of Borrower and shall survive any termination of this Agreement and the other Credit Documents, and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid.&#160; The term &#147;rate of exchange&#148; shall include any premiums and costs of exchange payable in connection with the purchase of or conversion into Dollars. Borrower irrevocably waives any right it may be entitled</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to under any Law in force as of the date hereof, or hereinafter enacted (based on any variation in the exchange rate between Dollars and <i>Pesos</i>, the occurrence of any &#147;<i>force majeure</i>&#148; event or any other event or circumstance), which may allow Borrower to make payment of any amount owed to the Lender under this Agreement or any other Credit Document in a currency other than Dollars, or in a jurisdiction different to the one of Administrative Agent, or on terms different to the ones agreed herein or therein. Without limitation to the foregoing, </font>Borrower waives the right to invoke any defense of payment impossibility (including any defense under Section&nbsp;1091 of the Argentine Civil and Commercial Code), impossibility of paying in Dollars (assuming liability for any <i>force majeure</i> or act of God), any right to invoke Section&nbsp;765 of the Argentine Civil and Commercial Code, the right to demand that the Lender posts a performance bond or guaranty (<i>excepci&#243;n de arraigo</i>), the right to challenge without cause the presiding judge or any other member of the court having jurisdiction, or in each case, similar defenses or principles (including, without limitation, equity or sharing of efforts principles).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">9.24. Entire Agreement</font></b><b>.</b>&#160; This Agreement and the other Credit Documents constitute the entire agreement of the parties hereto with respect to the subject matter hereof, and all prior negotiations, representations, understandings, writings and statements of any nature are hereby superseded in their entirety by the terms of this Agreement and the other Credit Documents.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">87<a name="PB_87_095130_6952"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX A-1</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO CREDIT AGREEMENT</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Commitments</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Lender</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Commitment</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Pro<br>   Rata&nbsp;Share</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citibank, N.A.</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187,500,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Goldman Sachs   Bank USA</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187,500,000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Industrial and   Commercial Bank of China Limited, Dubai (DIFC) Branch</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187,500,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" style="padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ita&#250; Unibanco   S.A., Nassau Branch</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="10%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">187,500,000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25.0</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0.375pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="70%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:70.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Total</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">$</font></b></p>    </td>
<td width="10%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:10.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">750,000,000</font></b></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;padding:0in 0in 0in 0in;width:12.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">100</font></b></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 2.25pt 0in;width:1.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">%</font></b></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">APPENDIX A-1-</font>1<a name="PB_1_095442_2365"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">APPENDIX B</font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO CREDIT AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notice Addresses</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISI&#211;N HOLDING S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevision Holding S.A.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tacuari 1842, 1139,</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buenos Aires, Argentina</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+54-11-4309 7645</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail Address:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">aleu@cablevisionholding.com</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+54-11-4309 7665</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in each case, with a copy to:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sebastian Bardengo</font></p>    </td>   </tr>
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<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Director</font></p>    </td>   </tr>
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<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phone:</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+54-11-4309 7633</font></p>    </td>   </tr>
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<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail Address:</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">sbardengo@cablevisionholding.com</font></p>    </td>   </tr>
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<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.5%;">
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax:</font></p>    </td>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="76%" valign="top" style="padding:0in 0in 0in 0in;width:76.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">+54-11-4309 7665</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Acceptance Page&nbsp;to Senior Secured Bridge Loan Facility]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CITIBANK, N.A.,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Administrative Agent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citibank N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388 Greenwich Street</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Patricia Gallagher, Vice President</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail: patricia1.gallagher@citi.com and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cts.spag@citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CITIBANK, N.A.,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Offshore Collateral Agent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citibank N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388 Greenwich Street</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Jenny Cheng</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail: jenny.cheng@citi.com and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cts.spag@citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BRANCH OF CITIBANK, N.A. ESTABLISHED <br> IN THE REPUBLIC OF ARGENTINA</font>,</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Onshore Collateral Agent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bartolom&#233; Mitre 530<br> Capital Federal (CP 1036)<br> Argentina<br> TEL.: (+54 11) 4329 1394 / 4329 1463<br> ATT: Manuel Tristany / Tom&#225;s Servente<br> Mail: </font>Manuel.tristany@citi.com / Tomas.servente@citi.com<br><br></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to the Administrative Agent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Citibank N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">388 Greenwich Street</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10013</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Patricia Gallagher, Vice President</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-mail: patricia1.gallagher@citi.com and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cts.spag@citi.com</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_095759_3311"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 4.1 TO</font></p>
<p align="right" style="margin:0in 0in .0001pt 1.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CREDIT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JURISDICTION OF ORGANIZATION AND QUALIFICATION</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<td width="43%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.56%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Company</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="53%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:53.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Jurisdiction&nbsp;of&nbsp;Incorporation</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A.</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:53.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
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<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n S.A.</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Argentina</font></p>    </td>   </tr>
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<td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GCSA Equity, LLC</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.86%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="53%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:53.58%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Delaware</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 4.2 TO</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CREDIT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">EQUITY INTERESTS AND OWNERSHIP</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_200749_6785"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Schedule 4.2</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cablevisi&#243;n Holding S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><img width="1092" height="444" src="g282561ms19bi001.gif" alt="GRAPHIC"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 6.1(a)&nbsp;TO</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CREDIT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">INTERCOMPANY DEBT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Debt of the Borrower</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 40.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Debt of Borrower to Cablevisi&#243;n S.A., for an outstanding principal amount of US$23,000,000 plus interest.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;position:relative;top:.5pt;">II.</font><font size="1" style="font-size:3.0pt;position:relative;top:.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u style="position:relative;top:.5pt;">Debt of the Borrower&#146;s Subsidiaries</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 75.15pt;text-indent:-35.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Debt of GCSA Equity, LLC to Televisi&#243;n Dirigida S.A., for an outstanding principal amount of US$20,628,713 plus interest.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 75.15pt;text-indent:-35.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Debt of GCSA Equity, LLC to GC Services LLC, for an outstanding principal amount of US$2,200,000.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_201738_6687"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 6.9 TO</font></p>
<p align="right" style="margin:0in 0in .0001pt 1.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CREDIT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;position:relative;top:.5pt;">CERTAIN AFFILIATE TRANSACTIONS</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_201807_5796"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;A TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FUNDING NOTICE</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is made to</font> the offer CVH No.&nbsp;1/2017, dated as of September&nbsp;24, 2017, sent by Cablevision Holding, S.A. as Borrower to the Lenders party thereto from time to time, Citibank, N.A., as Administrative Agent, the branch of Citibank, N.A., established in the Republic of Argentina, as Onshore Collateral Agent, and Citibank, N.A., as Offshore Collateral Agent, and accepted by each of the foregoing on September&nbsp;25, 2017 (as it may be amended, amended and restated, supplemented or otherwise modified, the &#147;<b>Credit Agreement</b>&#148;; the terms defined therein and not otherwise defined herein being used herein as therein defined).</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section&nbsp;2.1 of the Credit Agreement, Borrower desires that Lenders make the following Loans to Borrower in accordance with the applicable terms and conditions of the Credit Agreement on <b>[mm/dd/yy]</b> (the &#147;<b>Funding Date</b>&#148;):</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans:</p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;</b></font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">]</font></b></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Borrower hereby certifies that:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as of the Funding Date, the representations and warranties contained in each of the Credit Documents will be true and correct in all material respects on and as of such Funding Date to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date, <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as of the Funding Date, no event has occurred and is continuing or would result from the making of the Loans on such date that would constitute an Event of Default or a Default.](1)</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The account of Borrower to which the proceeds of the Loans requested on the Funding Date are to be made available by Administrative Agent to the Borrower are as follows:</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ABA Number:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Account Number:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; <b>[mm/dd/yy]</b></font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; To be included for funding notices delivered in respect of any Funding Date except the initial Funding Date.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N   HOLDING S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;B TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[RESERVED]</font></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;C TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMPLIANCE CERTIFICATE</font></b></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I am the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;](1)&nbsp;of <b>CABLEVISI&#211;N HOLDING S.A.</b>, an Argentine <i>sociedad an&#243;nima</i> (&#147;<b>Borrower</b>&#148;) and am delivering this certificate on behalf of the Borrower, in my capacity as [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of the Borrower and not individually.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed the terms of that offer CVH No.&nbsp;1/2017, dated as of September&nbsp;24, 2017, sent by Cablevision S.A. as Borrower to the Lenders party thereto from time to time, Citibank, N.A., as Administrative Agent, the branch of Citibank, N.A., established in the Republic of Argentina, as Onshore Collateral Agent, and Citibank, N.A., as Offshore Collateral Agent, and accepted by each of the foregoing on September&nbsp;25, 2017&#160; (as it may be amended, amended and restated, supplemented or otherwise modified, the &#147;<b>Credit Agreement</b>&#148;; the terms defined therein and not otherwise defined herein being used herein as therein defined), and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and condition of Borrower and its Subsidiaries during the accounting period covered by the attached financial statements.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have no knowledge of the existence of any condition or event that is continuing as of the date hereof and that constitutes an Event of Default or Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth in a separate attachment, if any, to this Certificate, describing the nature of the condition or event, the period during which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition or event.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing certifications, together with the computations set forth in the Annex&nbsp;A hereto, are made and delivered <b>[mm/dd/yy]</b> pursuant to Section&nbsp;5.1(c)&nbsp;of the Credit Agreement.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N   HOLDING S.A</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Authorized   Person]</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp; To be signed by authorized signatory of Borrower.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_105717_9577"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX&nbsp;A TO<br> COMPLIANCE CERTIFICATE</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR THE FISCAL <b>[</b>QUARTER<b>] [</b>YEAR<b>]</b> ENDING <b>[mm/dd/yy]</b>.(1)</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. <u>EBITDA</u> (Borrower and its Subsidiaries): <b>(i)&nbsp;- (ii)&nbsp;+ (iii)&nbsp;=</b></font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)   total revenues:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the   sum of the following:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)   cost of sales:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)   selling expenses:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)   administrative expenses:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">depreciation   and amortization:</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. <u>Consolidated Debt of Cablevisi&#243;n and its   Subsidiaries</u>:(2)</font></p>
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3. <u>Consolidated Debt of Borrower and its   Subsidiaries</u>:(3)</font></p>
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. <u>Leverage Ratio</u>: <b>(i)/(ii)&nbsp;=</b></font></p>
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;&nbsp;:1.00</font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated   Debt (Cablevisi&#243;n and its Subsidiaries):</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EBITDA   for the four Fiscal Quarters then ended (Cablevisi&#243;n and its Subsidiaries):</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actual:</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;&nbsp;:1.00</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Required:</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.0:1.00</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5. <u>CVH Leverage Ratio</u>:<b> (i)/(ii)</b>&nbsp;=</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;&nbsp;:1.00</font></p>    </td>   </tr>
<tr>
<td width="86%" colspan="4" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:86.66%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidated   Debt (Borrower and its Subsidiaries):</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>    </td>
<td width="77%" colspan="2" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:77.5%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EBITDA   for the four Fiscal Quarters then ended (as calculated with respect to   Borrower and its Subsidiaries or </font>Cablevisi&#243;n S.A. and   its Subsidiaries in accordance with the</p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&#160; All figures in this Annex to be calculated as of the last day of such fiscal [Quarter] [Year].</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp; Calculated in accordance with the term &#147;Leverage Ratio&#148; in the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp; Calculated in accordance with the term &#147;CVH Leverage Ratio&#148; in the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_111259_3020"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">defined term &#147;CVH Leverage Ratio&#148; in the Credit   Agreement)</font>:</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actual:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;&nbsp;:1.00</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Required   :</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5:1.00</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6. <u>Collateralization Ratio</u>: <b>(i)&nbsp;+ (ii)) / (iii)</b>&nbsp;=</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;:&nbsp;&nbsp;]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total   Cablevisi&#243;n Security:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Value   of any Cash or Cash Equivalents then on deposit in or credited to the Cash   Collateral Account:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Outstanding   principal amount of the Loans:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$<b>[&nbsp;&nbsp;&nbsp;</b>,&nbsp;&nbsp;&nbsp;,<b>&nbsp;&nbsp;&nbsp;]</b></font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actual:</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[&nbsp;&nbsp;:&nbsp;&nbsp;]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="5%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:5.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="4%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:4.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="59%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:59.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Required:</font></p>    </td>
<td width="13%" valign="top" bgcolor="black" style="background:white;padding:0in 0in 0in 0in;width:13.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.25:1.00</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_111321_7748"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;D TO<br> CREDIT AGREEMENT</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSIGNMENT AND ASSUMPTION AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Assignment and Assumption Agreement (this &#147;<b>Assignment</b>&#148;) is dated as of the Effective Date set forth below and is entered into by and between <b>[</b><i>Insert name of Assignor</i><b>]</b> (the &#147;<b>Assignor</b>&#148;) and <b>[</b><i>Insert name of Assignee</i><b>]</b> (the &#147;<b>Assignee</b>&#148;).&#160; Capitalized terms used but not defined herein shall have the meanings given to them in that certain offer CVH No.&nbsp;1/2017, dated as of September&nbsp;24, 2017, sent by Cablevision S.A. as Borrower to the Lenders party thereto from time to time, Citibank, N.A., as Administrative Agent, the branch of Citibank, N.A., established in the Republic of Argentina, as Onshore Collateral Agent, and Citibank, N.A., as Offshore Collateral Agent, and accepted by each of the foregoing on September&nbsp;25, 2017 (as it may be amended, amended and restated, supplemented or otherwise modified, the &#147;<b>Credit Agreement</b>&#148;), receipt of a copy of which is hereby acknowledged by the Assignee.&#160; The Standard Terms and Conditions set forth in Annex&nbsp;1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment as if set forth herein in full.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below, (i)&nbsp;[all][such portion] of the Assignor&#146;s rights and obligations in its capacity as a Lender under the Credit Agreement and [all][such portion] of its Loans [and Commitments] and other Obligations owing to it under the Credit Agreement, in the amounts set forth below (such rights and obligations sold and assigned by the Assignor to the Assignee being referred to herein collectively as the &#147;<b>Assigned Interest</b>&#148;; <u>provided</u> that Assignor shall continue to be entitled to the benefit of all indemnities under the Credit Agreement with respect to matters arising prior to the Effective Date out of the prior involvement of the Assignor as a Lender under the Credit Agreement and the Assigned Interest shall exclude such rights to indemnification), and (ii)&nbsp;any other documents or instruments delivered pursuant to the Credit Agreement to the extent related to the Assigned Interest. Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment, without representation or warranty by the Assignor.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignor:</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font></p>    </td>
<td width="13%" valign="top" style="padding:0in 0in 0in 0in;width:13.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignee:</font></p>    </td>
<td width="80%" valign="top" style="padding:0in 0in 0in 0in;width:80.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[</font></b>and   is an Affiliate/Related Fund(1)&nbsp;of <b>[</b><i>identify Lender</i><b>]]</b> and is an   Eligible Assignee</p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font></p>    </td>
<td width="93%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:93.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assigned Interest<b>[</b>s<b>][</b>, which is in an aggregate amount of not   less than (i)&nbsp;$20,000,000, (ii)&nbsp;such lesser amount as agreed to by   Borrower and Administrative Agent, or (iii)&nbsp;the aggregate outstanding   amount of the Loans of the Assignor](2):</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:.5in;">
<tr>
<td width="45%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:45.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Aggregate&nbsp;Amount&nbsp;of<br>   Commitment/Loans&nbsp;for&nbsp;all<br>   Lenders</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="25%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Amount&nbsp;of<br>   Commitment/Loans<br>   Assigned</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="21%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:21.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Percentage&nbsp;Assigned&nbsp;of<br>   Commitment/Loans(3)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.9%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.9%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="23%" valign="bottom" style="padding:0in 0in 0in 0in;width:23.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" style="padding:0in 0in 0in 0in;width:21.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>
<tr>
<td width="1%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="43%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:43.9%;">
<p align="right" style="margin:0in 0in .0001pt 10.1pt;text-align:right;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.3%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="23%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.7%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="21%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:21.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.88%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">%</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="1" width="25%" noshade align="left" style="color:black;"></div>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Select as applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To be included in the case of an assignment to a Person meeting the criteria of clause (ii)&nbsp;of the term Eligible Assignee.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_111604_8466"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Effective Date:&#160; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 20&nbsp;&nbsp; <b>[</b>TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.<b>]</b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Conditions to the Effective Date:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The effectiveness of the Assignment shall be subject to: (a)&nbsp;receipt by Assignor and Assignee of the consent of Borrower if required pursuant to Section&nbsp;9.6(c)(ii)&nbsp;of the Credit Agreement, (b)&nbsp;payment of any fees or other amounts due pursuant to Section&nbsp;9.6(d)&nbsp;of the Credit Agreement, and (c)&nbsp;delivery of any required forms and certificates regarding Tax matters.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notice and Wire Instructions:</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[NAME OF ASSIGNOR]</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[NAME OF ASSIGNEE]</font></b></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></u>:</p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></u>:</p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopier:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopier:</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with a copy to:</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention:</font></p>    </td>   </tr>
<tr>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopier:</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="40%" valign="top" style="padding:0in 0in 0in 0in;width:40.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telecopier:</font></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.16%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wire Instructions</font></u>:</p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:48.34%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wire Instructions</font></u>:</p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The terms set forth in this Assignment and Assumption are hereby agreed to:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSIGNOR</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[NAME OF ASSIGNOR]</font></b></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ASSIGNEE</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[NAME OF ASSIGNEE]</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_112147_7608"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[</font></b>Consented to   and<b>]</b>(1)&nbsp;Accepted:</p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CITIBANK, N.A.</font></b>,   as</p>    </td>
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<p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Administrative   Agent</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[</font></b>Consented   to:</p>    </td>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N HOLDING S.A.</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:](2)</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To be added only if the consent of Borrower is required by the terms of the Credit Agreement.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_112409_9762"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ANNEX&nbsp;1</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT<br> AND ASSUMPTION AGREEMENT</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Representations, Warranties and Agreements</u>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignor</u>.&#160; The Assignor (a)&nbsp;represents and warrants that (i)&nbsp;it is the legal and beneficial owner of the Assigned Interest, (ii)&nbsp;the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii)&nbsp;it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby (iv)&nbsp;[it is not a Defaulting Lender][it is a Defaulting Lender and all requirements of Section&nbsp;9.6(d)(ii)&nbsp;of the Credit Agreement have been complied with] and (v)&nbsp;the Assignment complies with the terms of Section&nbsp;9.6 of the Credit Agreement; and (b)&nbsp;assumes no responsibility with respect to (i)&nbsp;any statements, warranties or representations made in or in connection with any Credit Document, (ii)&nbsp;the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document delivered pursuant thereto, other than this Assignment (herein collectively the &#147;<b>Credit Documents</b>&#148;), or any collateral thereunder, (iii)&nbsp;the financial condition of Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv)&nbsp;the performance or observance by Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Credit Document.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.2</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Assignee</u>.&#160; The Assignee (a)&nbsp;represents and warrants that (i)&nbsp;it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii)&nbsp;it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to such consents, if any, as may be required thereunder), (iii)&nbsp;from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv)&nbsp;it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v)&nbsp;it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section&nbsp;5.1 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest, (vi)&nbsp;it has, independently and without reliance upon Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and to purchase the Assigned Interest, (vii)&nbsp;if it is a Non-US Lender, attached to this Assignment is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee and (viii)&nbsp;the Assignment complies with the terms of Section&nbsp;9.6 of the Credit Agreement; and (b)&nbsp;agrees that (i)&nbsp;it will, independently and without reliance on Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Documents, and (ii)&nbsp;it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a Lender.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Payments</u>.&#160; All payments with respect to the Assigned Interests shall be made on the Effective Date as follows:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>From and after the Effective Date, Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_112950_1683"></a></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date&#160; Notwithstanding the foregoing, Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General Provisions</u>.&#160; This Assignment shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.&#160; This Assignment may be executed in any number of counterparts, which together shall constitute one instrument.&#160; Delivery of an executed counterpart of a signature page&nbsp;of this Assignment by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment.&#160; This Assignment shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to conflict of laws principles thereof.</p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;E-1 TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INITIAL FUNDING DATE CERTIFICATE</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I am the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of <b>CABLEVISI&#211;N HOLDING S.A.</b>, an Argentine <i>sociedad an&#243;nima</i> (&#147;<b>Borrower</b>&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reference is made to the offer CVH No.&nbsp;1/2017, dated as of September&nbsp;24, 2017, sent by Cablevision S.A. as Borrower to the Lenders party thereto from time to time, Citibank, N.A., as Administrative Agent, the branch of Citibank, N.A., established in the Republic of Argentina, as Onshore Collateral Agent, and Citibank, N.A., as Offshore Collateral Agent, and accepted by each of the foregoing on September&nbsp;25, 2017 (as it may be amended, amended and restated, supplemented or otherwise modified, the &#147;<b>Credit Agreement</b>&#148;; the terms defined therein and not otherwise defined herein being used herein as therein defined).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I certify, on behalf of Borrower, that as of the date hereof:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the representations and warranties contained in each of the Credit Documents are true and correct in all material respects on and as of the date hereof to the same extent as though made on and as of such date, except to the extent such representations and warranties specifically relate to an earlier date; <u>provided</u> that, in each case, such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no event has occurred and is continuing or would result from the making of the Loans on the date hereof that would constitute an Event of Default or a Default;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>attached as Annex&nbsp;A hereto are true and complete (and, where applicable, executed or conformed) copies of each of the Related Agreements that is not publicly available pursuant to a filing made under listing rules&nbsp;to which any party to a Related Agreement is subject;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>attached hereto as Annex&nbsp;B are true, complete and correct copies of the Historical Financial Statements; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Collateralization Ratio, calculated as of the Business Day immediately prior to the date hereof, and after giving effect to the borrowing of the Loans on the date hereof, is equal to or greater than 2.50:1.00.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The uses of funds for the initial Funding Date transactions are set forth in Annex C here.&#160; Borrower will proceed to make one or more Advance Payments under the Call Option Agreement in ancitipation of the exercise of its call option rights pursuant to the Call Option Agreement as soon as the same is permitted by the Call Option Agreement.</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_113128_7226"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing certifications are made and delivered as of <b>September&nbsp;[</b></font><b><font face="Symbol" style="font-weight:bold;">&#183;</font></b><b>], 2017</b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N   HOLDING S.A.</font></b>,</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Authorized   Signatory]</font></p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_113225_5796"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;E-2 TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SOLVENCY CERTIFICATE</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS:</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I am the [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;](1)&nbsp;of <b>CABLEVISI&#211;N HOLDING S.A.</b>, an Argentine <i>sociedad an&#243;nima</i> (&#147;<b>Borrower</b>&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Reference is made to the offer CVH No.&nbsp;1/2017, dated as of September&nbsp;24, 2017, sent by Cablevision S.A. as Borrower to the Lenders party thereto from time to time, Citibank, N.A., as Administrative Agent, the branch of Citibank, N.A., established in the Republic of Argentina, as Onshore Collateral Agent, and Citibank, N.A., as Offshore Collateral Agent, and accepted by each of the foregoing on September&nbsp;25, 2017&#160; (as it may be amended, amended and restated, supplemented or otherwise modified, the &#147;<b>Credit Agreement</b>&#148;; the terms defined therein and not otherwise defined herein being used herein as therein defined).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed the Credit Agreement and, in my opinion, have made, or have caused to be made under my supervision, such examination or investigation as is necessary to enable me to express an informed opinion as to the matters referred to herein.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based upon my review and examination described in paragraph&nbsp;3 above,&nbsp;I certify on behalf of the Borrower that, in my capacity as [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] of the Borrower, and not individually (and the undersigned shall have no personal liability to the Lenders or the Agents with respect to this certificate), as of the date hereof, after giving effect to the consummation of the Acquisition and the financing thereof and the application of the proceeds of the Loan as contemplated by the Credit Documents, the Borrower and its Subsidiaries is, on a consolidated basis, Solvent.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing certifications are made and delivered as of <b>September&nbsp;[</b></font><b><font face="Symbol" style="font-weight:bold;">&#183;</font></b><b>], 2017</b>.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N   HOLDING S.A.</font></b>,</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Authorized   Signatory]</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To be executed by an authorized signatory of Borrower.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_113412_227"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;F TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACCOUNT CONTROL AGREEMENT</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Attached]</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_113437_8255"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;G TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ACCOUNT SECURITY AGREEMENT</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Attached]</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_113455_6229"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;H TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N PLEDGE AGREEMENT</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Attached]</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_113503_4974"></a></p>
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<p align="right" style="margin:0in 0in .0001pt 5.05pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[</font><font face="Symbol">&#183;</font>], 2017</p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CITIBANK, N.A.</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GOLDMAN SACHS BANK USA</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED, DUBAI (DIFC) BRANCH ITA&#218; UNIBANCO S.A., NASSAU BRANCH</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Lenders</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE BRANCH OF CITIBANK, N.A. ESTABLISHED IN THE REPUBLIC OF ARGENTINA</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Onshore Collateral Agent</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re: Offer CVH N&#176; P. I/XVII</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cablevisi&#243;n Holding S.A. (as defined in Annex A hereto, <u>&#147;</u>C<u>VH</u>&#148;) is pleased to submit to Citibank N.A., Goldman Sachs Bank USA,&nbsp;Industrial and Commercial Bank of China Limited, Dubai (DIFC) Branch and Ita&#250; Unibanco S.A., Nassau Branch (the &#147;<u>Lenders</u>&#148;) and the branch of Citibank, N.A. established in the Republic of Argentina (the &#147;<u>Onshore Collateral Age</u>nt&#148; or the &#147;<u>Collateral Agent</u>&#148;) this irrevocable offer (the <u>&#147;</u>O<u>ffer</u>&#148;) for the granting in their favor of a pledge over certain shares in Cablevisi&#243;n S.A. (&#147;<u>CV</u>&#148; or the <u>&#147;</u>C<u>ompany</u>&#148;), and together with the Onshore Collateral Agent, the &#147;<u>Parties</u>&#148;), a company duly constituted under the laws of the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:83.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Offer shall be deemed accepted upon receipt by us not later than 11:59 p.m., New York City time, on the Expiration Date (as defined below), of a written notice of acceptance from you.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:83.25pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon acceptance of this Offer as provided in the immediately preceding paragraph, the terms and conditions of this Offer attached as <u>Annex A </u>hereto (the <u>&#147;</u>T<u>erms and Conditions</u>&#148;) shall be binding upon and inure to the benefit of the Parties hereof, and each of you and CVH shall be deemed to have accepted, acknowledged and agreed to any and all such Terms and Conditions, which shall constitute the entire agreement between us and you relating to the subject matter thereof and shall supersede any and all previous agreements and understandings, oral or written, relating to the subject matter thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Offer shall expire at 11:59 p.m., New York City time, on [</font><font face="Symbol">&#183;</font>], 2017 (the &#147;<u>Expiration Date</u>&#148;), if not accepted in accordance with preceding paragraphs.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>Signature pages&nbsp;follow</i>]</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 69.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CABLEVISI&#211;N HOLDING S.A.</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.16%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">i<a name="PB_i_045306_5957"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Annex A</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 69.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULES:</font></p>
<p style="margin:0in 0in .0001pt 69.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Copy of Credit Agreement </p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">II</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Initial Shares</p>
<p style="margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBITS:</font></p>
<p style="margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;of Enforcement Notice</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;of Pledge Notice and Receipt </p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 90.7pt;text-indent:-.3in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Form&nbsp;of Power of Attorney</p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_033339_2314"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">DEFINITIVE TRANSACTION TERMS</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:82.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, on [</font><font face="Symbol">&#183;</font>], 2017, the Lenders, <b>CITIGROUP GLOBAL MARKETS INC., GOLDMAN SACHS BANK USA,&nbsp;INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ARGENTINA) S.A.</b>, and <b>ITA&#218; UNIBANCO S.A., NASSAU BRANCH </b>(each in its capacity as a joint lead arranger and joint bookrunner, collectively, the <u>&#147;</u>A<u>rrangers</u>&#148;), , Citibank, N.A. as Administrative Agent (together with its permitted successors in such capacity, <b>&#147;</b><u>Administrative Agent</u><b>&#148;</b>), the branch of Citibank, N.A. established in the Republic of Argentina, as Onshore Collateral Agent (together with its permitted successors in such capacity, the &#147;<u>Onshore Collateral Agent</u>&#148; or <b>&#147;</b><u>Collateral Agent</u><b>&#148;</b>), and CVH, as borrower, have entered into a credit agreement, dated as of [&#149;], 2017, a copy of which is attached as <u>Schedule I </u>hereto (without its exhibits and schedules) (the &#147;<u>Credit Agreement</u>&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to extend loans to CVH in an aggregate principal amount not to exceed $[750,000,000], the proceeds of which will be used to fund (i)&nbsp;the Acquisition (as defined in the Credit Agreement), including paying the price payable to exercise the call option set forth in the Call Option Agreement (as defined in the Credit Agreement) and fees and expenses in connection with the Acquisition, (ii)&nbsp;fees and expenses in connection with the Credit Agreement (including, without limitation, the fees set forth in Section&nbsp;2.7 thereof and any applicable taxes payable in connection with the Loans (as defined in the Credit Agreement)), and (iii)&nbsp;the IR Account (as defined in the Credit Agreement).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, in order to guarantee to the Secured Parties the faithful and timely fulfillment of all and each of the obligations undertaken by CVH under the Credit Documents (as such term is defined below), and notwithstanding CVH&#146;s general liability towards the Secured Parties as a consequence of the obligations and commitments assumed and the securities granted pursuant to the Credit Documents, CVH has agreed to grant a first priority pledge in favor of the Collateral Agent and for the benefit of the Secured Parties over the Pledged Shares (as defined below).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained herein, the parties hereto hereby agree as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE I</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS AND INTERPRETATION</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.1. <u>Definitions. </u>(a)&nbsp;Except as otherwise expressly provided herein, capitalized terms used (but not defined) in this Agreement shall have the meanings given thereto in the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Wherever used in this Agreement, or the Exhibits attached hereto, unless the context otherwise requires, the following terms shall, for the purposes of this Agreement, have the following meanings:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Additional and/or Subsequent Shares and Rights</u>&#148; shall mean (i)&nbsp;any shares, rights or securities that CVH receives, or is entitled to receive, or that are payable, under or in connection with the Pledged Shares (or under or in connection with the Additional and/or Subsequent Shares and Rights) until</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">full repayment of the Secured Obligations, as a result of (without limiting the generality of the foregoing) any exchange, swap, conversion, subscription of capital stock, stock-split, dividends payable in kind (either in shares or otherwise but excluding distribution of dividends paid in cash) to the extent permitted hereunder, and unless and until an Event of Default has occurred and during its continuation, reserves, revaluations or other distribution of dividends paid in shares (<i>acciones liberadas</i>), merger (including the Merger TEO Shares), consolidation, spin-off, liquidation, dissolution, and/or any other reason or circumstance, and any shares or securities subscribed under the preemptive or accretion rights attached to the Pledged Shares or to the Additional and/or Subsequent Shares and Rights; (ii)&nbsp;any securities delivered as a result of any reimbursement, amortization and/or reduction of capital stock by redemption, and/or reimbursement (either in whole or in part) of the Pledged Shares or of the Additional and/or Subsequent Shares and Rights; (iii)&nbsp;any non-cash dividends or other non-cash income received or receivable from time to time in respect of the Pledged Shares, and the Additional and/or Subsequent Shares and Rights;</font>  </font>(iv) pursuant to anti-dilutive provisions under Argentine law, any shares, rights of the Company or the relevant issuer of the Additional and/or Subsequent Shares and Rights hereinafter subscribed or acquired by CVH (ratably to the Pledged Shares or to the Additional and/or Subsequent Shares and Rights); and (v) pursuant to anti-dilutive provisions under Argentine law, any irrevocable capital contributions made by CVH in the Company or the relevant issuer of the Additional and/or Subsequent Shares and Rights (ratably to the Pledged Shares or to the Additional and/or Subsequent Shares and Rights).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Administrative Agent</u>&#148; has the meaning ascribed to such term in the WHEREAS of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agreeme</u>nt&#148; means this document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;A<u>rgentine Central Bank</u>&#148; means the <i>Banco Central de la Rep&#250;blica Argentina</i>.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Argentine Companies&#146; Law</u>&#148; means Argentine Law No.&nbsp;19,550 (as amended and supplemented from time to time).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;A<u>rgentine Securities Exchange Commission</u>&#148; means the <i>Comisi&#243;n Nacional de Valores </i>of the Republic of Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:82.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Argentine Securities Law</u>&#148; means Argentine Law No.&nbsp;26,831 (as amended and supplemented from time to time).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;A<u>rrangers</u>&#148; has the meaning ascribed to such term in the WHEREAS of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148; means any day except Saturday, Sunday and any day which shall be in New York, New York, United States or in the City of Buenos Aires, Argentina, a legal holiday or a day on which banking institutions are authorized or required by Law or other government action to close in any such city.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Stock</u>&#148; means, with respect to any Person, any and all shares, interests, participations and/or rights in or other equivalents (however designated, whether voting or nonvoting, ordinary or preferred) in the ownership, equity or capital of such Person, now or hereafter outstanding, and any and all rights, warrants or options exchangeable for or convertible into any thereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Caja de Valores</u>&#148; means Caja de Valores S.A., a corporation (<i>sociedad an&#243;nima</i>) duly constituted under the laws of the Republic of Argentina.</font></p>
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<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CNV Regulation</u>s&#148; means the <i>Normas de la Comisi&#243;n Nacional de Valores </i>(T.O. 2013) approved by General Resolution No.&nbsp;622/2013 of the Argentine Securities Exchange Commission (as amended and supplemented from time to time).</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">this Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>CV</u>&#148; or &#147;<u>Company</u>&#148; has the meaning ascribed hereto in the introductory paragraph of</font></p>
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<p style="margin:0in 0in .0001pt 88.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;C<u>VH</u>&#148; has the meaning ascribed hereto in the introductory paragraph of this Offer.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;C<u>ivil and Commercial Code</u>&#148; means the <i>C&#243;digo Civil y Comercial de la Naci&#243;n Argentina </i>(as amended and supplemented from time to time).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Collateral Agent</u>&#148; has the meaning ascribed to such term in the WHEREAS of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;C<u>redit Agreement</u>&#148; has the meaning ascribed hereto in the WHEREAS of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt 88.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 88.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Dollar Securities</u>&#148; has the meaning ascribed in Section&nbsp;4.2(e)&nbsp;of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Enforcement Notice</u>&#148; means a written notice from the Collateral Agent, substantially in the form of <u>Exhibit&nbsp;A</u>, executed and delivered to (i)&nbsp;CVH, instructing it to refrain from exercising the economic and political rights corresponding to the Pledged Shares, and (ii)&nbsp;CV or the relevant issuer of the Additional and/or Subsequent Shares and Rights, thereby informing that CVH shall no longer, until the Collateral Agent instructs otherwise, be entitled to exercise the economic rights and political rights corresponding to the Pledged Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Event of Default</u>&#148; means each of the conditions or events set forth in Section&nbsp;7.1 of the Credit Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;I<u>nitial Shares</u>&#148; means [&nbsp;&nbsp;&nbsp;&nbsp;] number of ordinary shares of CV owned by CVH, including, without limitation, all rights and interests therein, representing [&#183;]% of the Capital Stock and votes of CV, as listed in <u>Schedule II</u> hereto.(1)</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;L<u>en</u>ders&#148; has the meaning ascribed to such term in the WHEREAS of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;M<u>erger TEO Shares</u>&#148; means the number of shares of TEO that will replace by operation of law the Initial Shares upon effectiveness of the Merger pursuant to the preliminary merger agreement (<i>Compromiso Previo de Fusi&#243;n</i>), dated June&nbsp;30, 2017, entered between CV and TEO (as it may be amended or supplemented from time to time).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 6.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;M<u>ERVAL Regulations</u>&#148; means the <i>Reglamento Operativo </i>and <i>Circular </i>No.&nbsp;3492 of the Mercado de Valores de Buenos Aires S.A (as amended and supplemented from time to time).</font></p>
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<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Offshore Collateral Age</u>nt&#148; means Citibank N.A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;O<u>nshore Collateral Agent</u>&#148; has the meaning ascribed to such term in the WHEREAS of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Pledge</u>&#148; means the pledge of the Pledged Shares constituted and perfected in accordance with Section&nbsp;2.1 of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Pledged Shares</u>&#148; or the &#147;<u>Shar</u>es&#148; means collectively the Initial Shares and the Additional and/or Subsequent Shares and Rights. For the avoidance of doubts, the Pledge is extended and includes the following rights in relation to the Pledged Shares: non-cash dividends or other non-cash income received or receivable from time to time in respect of the Pledged Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Power of Attorney</u>&#148; has the meaning ascribed hereto in Section&nbsp;5.1 of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Secured Obligations</u>&#148; means all obligations of every nature of Borrower, including obligations from time to time owed to Agents (including former Agents), Lenders or any of them, under any Credit Document, whether for principal, interest, fees, expenses, indemnification or otherwise.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Security Documents</u>&#148; shall mean (a)&nbsp;this Agreement, (b)&nbsp;the Account Security Agreement, (c)&nbsp;the Account Control Agreement, and (e)&nbsp;all other agreement, document, instrument delivered by or on behalf of CVH pursuant to this Agreement or any of the other Credit Documents in order to grant to, or perfect in favor of, the Onshore Collateral Agent or the Offshore Collateral Agent, as the case may be, for the benefit of Secured Parties, a Lien on any real, personal or mixed property of CVH as security for the Secured Obligations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Termination Date</u>&#148; means the date on which all of the Secured Obligations are paid in full or fully complied with, as the case may be, at the Administrative Agent&#146;s satisfaction.</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;1.2. <u>Interpretation. </u>(a) The section headings used in this Agreement are for convenience of reference only and are not to affect the construction of, or be taken into consideration in interpreting, this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Whenever the context may require, any pronoun shall include corresponding masculine, feminine and neuter forms.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As used herein, and any certificate or other document made or delivered pursuant hereto and unless specified otherwise, (i)&nbsp;the words &#147;include,&#148; &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the phrase &#147;without limitation,&#148; (ii)&nbsp;the word &#147;incur&#148; shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words &#147;incurred&#148; and &#147;incurrence&#148; shall have correlative meanings), (iii)&nbsp;the words &#147;asset&#148; and &#147;property&#148; shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, (iv)&nbsp;the word &#147;will&#148; shall be construed to have the same meaning and effect as the word &#147;shall,&#148; (v)&nbsp;any reference herein to any Person shall be construed to include such Person&#146;s permitted successors and assigns, (vi)&nbsp;any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law shall, unless otherwise specified, refer to such law as amended, modified, replaced or supplemented from time to time and (vii)&nbsp;references to agreements or other contractual obligations shall, unless otherwise specified, be</p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">deemed to refer to such agreements or contractual obligations as amended, restated, amended and restated, supplemented, or otherwise modified from time to time.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The words &#147;hereof,&#148; &#147;herein,&#148; &#147;hereto&#148; and &#147;hereunder&#148; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision thereof, and Section, Schedule and Exhibit&nbsp;references are to the Agreement unless otherwise specified.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE II <br><br></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE PLEDGE</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.1. <u>Creation of the Pledge; Appointment of the Collateral Agent. </u>(a)&nbsp;In order to secure the payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, including, without limitation, the obligation to pay and/or repay the principal, interest, commissions, expenses, funding costs, grossing ups, indemnities, taxes, consultants&#146; and legal fees and all other incidental expenses and commitments to the Secured Parties under the Credit Agreement or any other Credit Documents (in each case, as may be amended, amended and restated or supplemented from time to time), CVH hereby creates a first priority pledge over the Pledged Shares, pursuant to Article&nbsp;2,219 of the Civil and Commercial Code, in the name of the Collateral Agent and for the benefit of and in favor of, the Secured Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Pursuant to this Agreement, each of CVH and the Secured Parties appoint the Collateral Agent to act as onshore collateral agent, pursuant to Section&nbsp;2,221 of the Civil and Commercial Code, for the purpose of holding the Pledged Shares on behalf of the Secured Parties. The Collateral Agent hereby agrees to act as onshore collateral agent, to hold the Pledged Shares for the benefit of the Secured Parties, and to perform all the actions set forth in this Agreement as instructed by the Administrative Agent in accordance with the terms of the Credit Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Pledge herein provided shall also be extended to the Additional and/or Subsequent Shares and Rights. Upon request of the Collateral Agent (acting upon the instruction of the Administrative Agent), the Pledge over the Additional and/or Subsequent Shares and Rights shall be directly registered by CV in the name of the Collateral Agent as set forth in Section&nbsp;2.2. below. The incorporation of the Additional and/or Subsequent Shares and Rights in the Pledge shall operate automatically upon request by the Collateral Agent, and, therefore, no other act, contract, document and/or proceeding shall be necessary, except for the formal requirements, registrations and other acts as may be required as set forth in Section&nbsp;2.2. below.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.2. <u>Perfection of the Pledge. </u>(a)&nbsp;In order to perfect the Pledge over the Initial Shares, CVH shall, in accordance with Section&nbsp;215 of the Argentine Company&#146;s Law, notify CV of the constitution of the Pledge, and deliver to the Collateral Agent, simultaneously with the execution of this Agreement:</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a duly notarized copy of the notice to CV of the creation of the pledge on the Initial Shares together with CV&#146;s receipt, substantially in the form of <u>Exhibit&nbsp;B </u>hereto; and</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a copy of the relevant page&nbsp;of CV&#146;s stock ledger, duly notarized, evidencing the registration of the Pledge created on the Initial Shares in the name of the Collateral Agent and for the benefit and in favor of the Secured Parties.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In order to perfect the Pledge over those Additional and/or Subsequent Shares and Rights that have not been authorized for their public offering (<i>oferta p&#250;blica</i>) under the Argentine Securities Law by the Argentine Securities Exchange Commission, CVH shall, simultaneously delivery of such Additional and/or Subsequent Shares and Rights to CVH, comply with those obligations set forth in Section&nbsp;2.2(a)&nbsp;above in connection with the issuer of those Additional and/or Subsequent Shares and Rights.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In order to perfect the Pledge over those Additional and/or Subsequent Shares and Rights that have been authorized for their public offering (<i>oferta p&#250;blica</i>) under the Argentine Securities Law by the Argentine Securities Exchange Commission (including the Merger TEO Shares), CVH shall, simultaneously with the delivery of such Additional and/or Subsequent Shares and Rights to CVH, and in accordance with Section&nbsp;215 of the Argentine Company&#146;s Law and Article&nbsp;129 of the Argentine Securities Law (x)&nbsp;instruct the issuer of any Additional and/or Subsequent Shares and Rights to deposit such Additional and/or Subsequent Shares and Rights into the account of CVH with Caja de Valores, (y)&nbsp;deliver to Caja de Valores the requisite form instructing Caja de Valores to annotate the Pledge in the stock ledger of the issuer of such Additional and/or Subsequent Shares and Rights, and (z)&nbsp;deliver to the relevant issuer of those Additional and/or Subsequent Shares and Rights, a pledge notice substantially in the form of <u>Exhibit&nbsp;B</u>, informing the creation and perfection of the Pledge.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH shall deliver to the Collateral Agent, promptly upon request by the Collateral Agent notarized copies of all the notices, notifications, stock ledger pages&nbsp;and forms duly submitted corresponding to the fulfillment of the obligations set forth in this Section&nbsp;2.2.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH hereby agrees and acknowledges that any failure to duly comply with the obligations of this Section&nbsp;2.2 shall constitute an Event of Default under the Credit Agreement, in which case the Collateral Agent or any Person who the Collateral Agent may appoint pursuant to the Power of Attorney shall be entitled to comply with CVH&#146;s obligations under this Section&nbsp;2.2 on behalf of CVH.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.3. <u>Absence of Novation. </u>The creation of the Pledge shall not imply any payment in kind, novation, repeal, limitation or amendment of any of the Secured Obligations, nor does it imply payment in kind, novation, repeal, limitation or amendment of any security interests constituted or formed by CVH in order to fully secure the compliance or payment of the Secured Obligations, nor shall it limit CVH&#146;s liability to the Secured Parties in any way. In case of coincidence of the Pledge hereby granted with other security interests, liens or encumbrances constituted or formed to fully secure the Secured Obligations, the Collateral Agent may enforce its rights with respect to all of them together or with respect to any of them, in the order and manner in which it deems appropriate in its sole discretion. Loss by the Collateral Agent and/or any other Secured Party of any of such security interests or liens or encumbrances, even if such loss is attributable to the Collateral Agent and/or any other Secured Party, will not be invoked by CVH to reduce its liability to the Secured Parties under this Agreement or the Pledge.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.4. <u>Maximum Amount Pledged. </u>In order to comply with the provisions of Articles 2,189 and 2,222 of the Civil and Commercial Code, the maximum principal amount owing to the Lenders pursuant to the Credit Agreement is Seven Hundred Fifty Million Dollars (US$750,000,000) plus interest and any default interest, commissions, fees, expenses and all other amounts payable pursuant to the Credit Agreement and any other Credit Documents, as well as each and all obligations of an</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">undetermined and/or contingent amount accrued under the Credit Agreement and any other Credit Documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;2.5</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Consummation of the Merger</u>. Without prejudice to the Pledge created hereunder over the Pledged Shares, nothing herein shall prevent CVH or any of its Subsidiaries from taking any such action in respect of the Pledged Shares necessary to consummate the Merger.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE III <br><br></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXERCISE OF RIGHTS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.1. <u>Exercise of Rights. </u>So long as no Event of Default has occurred and is continuing, CVH shall be entitled to exercise or refrain from exercising any and all economic, voting and other political rights pertaining to the Pledged Shares or any part thereof for any purpose not inconsistent with the terms of this Agreement and the Credit Documents. CVH shall not exercise or refrain from exercising any of such rights if such action or omission could result in a Material Adverse Effect. For the avoidance of doubt, so long as no Event of Default has occurred and is continuing, subject to the terms and conditions of the Credit Agreement, CVH shall be entitled to receive any cash dividend distributed with respect to the Pledged Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;3.2. <u>Enforcement Notice. </u>Upon the occurrence and during the continuance of any Event of Default and after delivery of an Enforcement Notice by the Collateral Agent to CVH and CV or the relevant issuer of the Additional and/or Subsequent Shares and Rights, all rights of CVH to exercise or refrain from exercising the economic rights and political rights corresponding to the Pledged Shares which CVH would otherwise be entitled to exercise pursuant to Section&nbsp;3.1 hereto shall cease and the Collateral Agent for the benefit of the Secured Parties shall thereafter have the exclusive right to exercise or refrain from exercising any such economic or voting rights, and CVH shall take any reasonable action that the Collateral Agent for the benefit of the Secured Parties may request in order to effect such right. It is expressly understood that, after delivery of an Enforcement Notice, any cash dividends and other distributions of any kind with respect to the Pledged Shares shall be delivered and distributed directly by CV or the relevant issuer of the Additional and/or Subsequent Shares and Rights to the Collateral Agent for the exclusive benefit of the Secured Parties (which shall as of the date thereof be deemed to be pledged in favor of the Collateral Agent for the Secured Parties&#146; exclusive benefit under the Pledge) or, in case such cash dividends and/or other distributions are received by CVH, they shall be delivered immediately by CVH to the Collateral Agent for the exclusive benefit of the Secured Parties (which shall as of the date thereof be deemed to be pledged for the Collateral Agent for the Secured Parties exclusive benefit under the Pledge). The Parties hereby agree that the provisions of Section&nbsp;219 of the Argentine Companies&#146; Law are not mandatory and can be waived by the parties&#146; agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE IV<br><br></font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ENFORCEMENT OF THE PLEDGE</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.1. <u>Enforcement of the Pledge. </u>Upon the occurrence and during the continuance of an Event of Default, subject to compliance with Article&nbsp;IV of the Cablevision Shareholders&#146; Agreement and with Article&nbsp;IV of the TEO Shareholders&#146; Agreement, the Collateral Agent may enforce the Pledge with no prior &#147;<i>excusi&#243;n</i>,&#148; warning or any further demand or judicial or extrajudicial notice, disposition of other assets owned by CVH, nor foreclosure of any other security interests created under the Credit Documents. The Pledge may be executed by: (i)&nbsp;auctioning the Pledged</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Shares and collecting payment of each and all of the Secured Obligations from the proceeds resulting from such auction, as set forth in Section&nbsp;4.2 below, (b)&nbsp;judicial foreclosure of the Pledge, as provided for in Section&nbsp;4.3 below; (c)&nbsp;private sale of the Pledged Shares, as detailed in Section&nbsp;4.4 below, or (d)&nbsp;appropriation of the Pledged Shares by the Secured Parties described in Section&nbsp;4.7 below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.2. <u>Auction of the Pledged Shares. </u>Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may auction the Pledged Shares in whole or in fractions, to which end the Collateral Agent may form lots of the same or different series and number of Pledged Shares. Furthermore, the Collateral Agent may, (at the direction of the Administrative Agent, at its sole option) carry out the foreclosure of the Pledge separately from or jointly with other security interests created under the Credit Documents.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Article&nbsp;2,229 (b)&nbsp;of the Civil and Commercial Code, the auction will be conducted in accordance with the procedure described below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font>the Pledged Shares will be auctioned by the Collateral Agent either directly or through an agent or brokerage firm with experience in mergers, acquisitions and capital markets transactions, and pursuant to the execution procedure provided herein and any other conditions established by the auctioneer;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160; </font>CVH shall bear the expenses of the auction proceeding, and shall be liable for the authenticity of the auctioned Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>the auction will be announced by the Collateral Agent, and duly communicated to CVH, with a ten (10)&nbsp;Business Days prior notice published during two (2)&nbsp;Business Days on any one of the wide distribution newspapers of the City of Buenos Aires, Republic of Argentina. The Pledged Shares will be auctioned at a base value not lower than the outstanding amount owed under the Secured Obligations and to the highest bidder. The Pledged Shares so sold may be retained by the Collateral Agent until the price for the Pledged Shares sold is paid by the purchaser thereof, but the Collateral Agent shall not incur any liability in case of the failure of such purchaser to take up and pay for the Pledged Shares so sold and, in case of any such failure, such Pledged Shares may again be sold upon like notice. Should there be no bidders, or if none of the bids was satisfactory to the Secured Parties, a new auction will be held, one (1)&nbsp;hour later unless a longer period is set by the Collateral Agent, at a base price not lower than fifty percent (50%) of the base price of the initial auction at the same place where the first auction was held. In the event that the second auction has no bidders or that no bid is fully satisfactory to the Lenders, then a third and successive auctions will be held at the same place, the third one, one (1)&nbsp;hour later unless a longer period is set by the Collateral Agent following the closing of the second auction, and then as many successive auctions as may be necessary shall be held half an hour after the closing of the previous one, provided that successive auctions may be also held on subsequent days. At the third as well as at successive auctions, the Collateral Agent may (at the direction of the Administrative Agent, at its sole and undisputed discretion), fix any base price, or even decide to make the auction with no base price. The Collateral Agent (at the direction of the Administrative Agent) may also determine the currency of payment of the Pledged Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;from the proceeds of the auction, the auctioneer will pay (i)&nbsp;all of the reasonable and documented expenses, costs, fees and/or taxes payable related to the auction, and (ii)&nbsp;out of any balance, and directly to the Collateral Agent for the benefit of the Secured Parties, all amounts due under the Secured Obligations pursuant to the Credit Agreement and all other Credit Documents;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>the Collateral Agent for the benefit of the Secured Parties may, at the direction of the Administrative Agent, purchase the Pledged Shares for its own benefit at any of the auctions, in which case the net price will be offset, after deducting any related taxes and reasonable and documented expenses, up to the sum equivalent to the aggregate outstanding Secured Obligations (including interest, expenses, fees, and other costs incidental thereto). If the auction price were due in Pesos, the offsetting will take into account the actual rate of exchange at which the Collateral Agent may effectively purchase &#147;transfer&#148; Dollars (<i>cotizaci&#243;n divisas</i>) in the foreign exchange market as quoted by Banco de la Naci&#243;n Argentina on its website at www.bna.com.ar (or such other web page&nbsp;of Banco de la Naci&#243;n Argentina where the quotation is published if this web address changes) at the close of business of the second (2)&nbsp;Business Day prior to the auction, or if such rate shall not be available, the rate informed by the Argentine Central Bank in accordance with Argentine Central Bank Communiqu&#233; &#147;A&#148; 3500 (<i>Comunicaci&#243;n &#147;A&#148; 3500</i>) dated March&nbsp;1<font style="position:relative;top:-4.5pt;">st</font>, 2002 pursuant to the survey mechanism established in such Communiqu&#233;, for remittance to the place of payment provided under the Credit Agreement or any other Credit Document; <u>provided </u>that if the rate of exchange so published by Banco de la Naci&#243;n Argentina or the Argentine Central Bank, as the case may be, is more than 10% lower than the implicit exchange rate obtained by purchasing with Pesos an Argentine public debt instrument denominated in Dollars and/or any other public or private bond or security issued in Argentina and denominated in Dollars which are tradable in authorized Argentine stock exchange markets (the &#147;<u>Dollar Securities</u>&#148;) and selling those Dollar Securities in a foreign stock exchange market for Dollars, as published for <i>d&#243;lar contado con liquidaci&#243;n </i>on the date of calculation by El Cronista Comercial newspaper on its website at www.cronista.com (or such other web page&nbsp;of El Cronista Commercial where the quotation is published if this web address changes), or if such rate shall not be available, the rate determined by the average rates informed on the date of calculation by three first line brokers in the City of Buenos Aires (which determination shall be conclusive and binding, absent manifest error), shall apply. To such end, each of CVH and Collateral Agent shall appoint one broker, and the third broker shall be appointed by the brokers selected by each of the parties;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>if after the offsetting referred to in (e)&nbsp;above, or the payment referred to in (d)&nbsp;above, any Secured Obligations remain outstanding, such application of funds will not constitute, and shall not be construed as, novation, amendment, substitution, alteration and/or termination whatsoever of any such Secured Obligations; consequently, CVH will continue to be fully liable to the Lenders for the faithful and timely performance of the remaining Secured Obligations with all its assets;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>if upon enforcement of the Pledge and discharge of the Secured Obligations there are any surplus amounts, such amounts shall be promptly reimbursed to CVH through deposit to the account they shall indicate in writing to the Collateral Agent; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;notwithstanding the above, and only if applicable and mandatory by applicable Laws, the Collateral Agent must ensure the auction complies with any applicable provisions and rules&nbsp;of the Argentine Securities Exchange Commission, including Title VI, Chapter V, Section&nbsp;XVIII (<i>Remates de Valores Negociables</i>) of the CNV Regulations and MERVAL Regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 87.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.3. <u>Judicial Foreclosure of the Pledge.</u></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding any provision to the contrary in this Agreement and particularly in Section&nbsp;4.2 above, the Collateral Agent for the benefit of the Secured Parties is expressly authorized to request the judicial foreclosure of the Pledge and decide the execution of the Pledge, whether in court or otherwise, in the Republic of Argentina or in any other jurisdiction.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event of judicial foreclosure, CVH irrevocably waives any and all rights it may have to file any defenses (including, without limitation, the right to challenge without cause the judge hearing the case) except for those relating to the full or partial payment evidenced through a document issued by or on behalf of the Administrative Agent or other evidence that full or partial payment was made, provided that such waiver will not constitute a waiver to any of CVH&#146;s existing rights through ordinary proceedings at a later date. In addition, CVH expressly and irrevocably waives, to the extent permitted under applicable Law, to file the defense of <i>cautio judicatum solvi </i>pursuant to Article&nbsp;348 of the Civil and Commercial Procedural Code, or any other similar defense or exception.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>CVH acknowledges that, in the event of judicial foreclosure of the Pledge, the value of the Pledged Shares might be deemed to be higher than the base price set forth for purposes of the judicial auction. In this respect, CVH expressly and irrevocably waives any rights to institute any legal action or claim against the Collateral Agent, the Administrative Agent and/or any other Secured Party or any third party directly or indirectly based on grounds that the Pledged Shares were auctioned at a price lower than their actual value or at a price considered to be lower than the market price for such Pledged Shares by CVH or any other Person.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.4. <u>Private Sale</u>. (a)&nbsp;Notwithstanding any provision to the contrary in this Agreement and particularly in Section&nbsp;4.2 and Section&nbsp;4.3 above, the Collateral Agent for the benefit of the Secured Parties is expressly authorized to effect the foreclosure of the Pledged Shares at private sale, in the Republic of Argentine or in any other jurisdiction, for cash, upon credit or for future delivery, and as otherwise permitted by applicable Law. Sales in privately negotiated transactions are hereby expressly authorized by CVH and shall be made at a minimum price reasonably determined by an expert designated by the Collateral Agent (at the direction of the Administrative Agent) from any of the firms listed in Section&nbsp;4.7 below; provided that CVH shall bear the cost and expenses of such appraisal. The Collateral Agent is authorized, in connection with any such sale, if it deems it advisable so to do at the direction of the Administrative Agent:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:140.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to restrict the prospective bidders on or purchasers of any of the Pledged Shares to a limited number of investors; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:140.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160; </font>to impose such other limitations or conditions in connection with any such sale as the Collateral Agent deems necessary or advisable in order to comply with any Law.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;CVH acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.5. <u>Remedies - Transfer of the Pledged Shares</u>. Upon payment of the price of the relevant Pledged Shares by the purchaser or purchasers thereof, the Collateral Agent shall transfer the relevant Pledged Shares to such purchaser or purchasers and CVH shall take all steps and/or proceedings and make all the filings with any Argentine governmental authority that may be necessary to perfect the execution and transfer of the Pledged Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.6. <u>Waiver. </u>CVH expressly and irrevocably waives to the fullest extent permitted under Argentine law to allege and exercise, in the case of judicial or extrajudicial enforcement of the Pledged Shares, any rights of first refusal or other rights that it may have pursuant to CV&#146;s or the relevant issuer&#146;s bylaws or any shareholders agreement entered into by CVH.</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.7. <u>Appropriation of Pledged Shares.</u> The Collateral Agent for the benefit of the Secured Parties and at the direction of the Administrative Agent (acting upon instructions from the Lenders) may exercise its option pursuant to the terms of Article&nbsp;2,229 of the Civil and Commercial Code, to become the owner of the Pledged Shares for the total amount due under the Secured Obligations. In this case, the Pledged Shares will be appraised on the date that the outstanding Secured Obligations become due and payable, at the value reasonably determined by the expert appointed for that purpose by the Collateral Agent (at the direction of the Administrative Agent) from any of the following international firms: Deloitte&nbsp;&amp; Co., Price Waterhouse&nbsp;&amp; Co., Pistrelli, Henry Martin, Ernst&nbsp;&amp; Young or KPMG, or their successor entities. Said assessment shall be, in the absence of manifest error, final and binding. Further, CVH agrees to actively collaborate, with the valuator appointed by the Secured Party, by delivering to it all the documents they may require and performing any other act and/or procedure necessary of convenient, in the reasonable criteria of said valuator, to facilitate such assessment. All reasonable and documented costs and expenses incurred for purposes of such appraisal shall be for the account of CVH.</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.8. <u>Payments in Pesos; Conversion to Dollars.</u> (a)&nbsp;If any payment received by the Collateral Agent for the benefit of the Secured Parties pursuant to Section&nbsp;4.2 or 4.4 above were in Pesos or, if made in Dollars, were made in Dollars &#147;bills&#148; (<i>d&#243;lar billete</i>) that needed to be converted into &#147;transfer&#148; Dollars (<i>d&#243;lar transferencia</i>) through the foreign exchange market, the Collateral Agent will convert such amounts into &#147;transfer&#148; Dollars at the rate of exchange offered by a bank of its choice in the City of Buenos Aires in order to transfer abroad such proceeds at its discretion.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:82.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;4.9. <u>Special Acknowledgment by CVH</u>. No payments under this Section&nbsp;shall be deemed to constitute full payment of the applicable obligation, and CVH&#146;s Secured Obligations will not be discharged, until the Collateral Agent has received, for the benefit of the Secured Parties, payments in a Dollar amount equal to the full aggregate outstanding amount of all Secured Obligations (including interest, reasonable and documented expenses, fees, and other costs incidental thereto). All reasonable and documented costs, expenses and taxes payable in connection with compliance with this Section&nbsp;shall be exclusively borne by CVH.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPECIAL IRREVOCABLE POWER OF ATTORNEY</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.1. <u>Granting of Power of Attorney.</u> In order to ensure the payment in full of the Obligations, CVH hereby grants a special, irrevocable power of attorney, substantially in the form of <u>Exhibit&nbsp;C</u> (the &#147;<u>Power of Attorney</u>&#148;), in favor of the Collateral Agent, with no power of substitution, that shall have force and effect as from the occurrence and during the continuance of an Event of Default and after delivery of an Enforcement Notice to CVH and CV, so that the Collateral Agent, on behalf of CVH, may do the following:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:69.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font>&#160;&#160;&#160; subscribe for and pay in any Additional and/or Subsequent Shares and Rights. The Additional and/or Subsequent Shares and Rights shall become subject to the Pledge;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font>&#160;&#160;&#160;&#160; notify to CV or the relevant issuer of Additional and/or Subsequent Shares and Rights of the creation of the Pledge on the Pledged Shares and request the registration of the Pledge in CV&#146;s or the relevant issuer&#146;s stock ledger;</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font>&#160;&#160;&#160;&#160; (x)&nbsp;deposit any Additional and/or Subsequent Shares and Rights into the account of CVH with Caja de Valores; and (y)&nbsp;notify Caja de Valores of the creation of the Pledge on any Additional and/or Subsequent Shares and Rights, instruct Caja de Valores the annotation of the Pledge in the registry of shareholders of the issuer of those Additional and/or Subsequent Shares and Rights, and execute and file any required form with Caja de Valores.</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font>&#160;&#160;&#160;&#160; notify CV and/or the relevant issuer of Additional and/or Subsequent Shares and Rights, as applicable, of the interests, assignments or transfers, in full or in part, of the rights arising from the Pledge hereby created pursuant to Section&nbsp;215 of the Argentine Company&#146;s Law and request that such interests, assignments or transfers be registered in the registry of shareholders of CV or the relevant issuer of Additional and/or Subsequent Shares and Rights;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font>&#160;&#160;&#160;&#160; collect or cause to be collected from CV or the relevant issuer of Additional and/or Subsequent Shares and Rights any stock dividends or distributions of any kind made by CV or the relevant issuer of Additional and/or Subsequent Shares and Rights relating to the Pledged Shares, to make them subject to the Pledge;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font>&#160;&#160;&#160;&#160;&#160; exercise the voting rights corresponding to the Pledged Shares and the economic rights (<i>derechos econ&#243;micos</i>) pertaining to the Pledged Shares, to the fullest extent permitted by the applicable laws;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font>&#160;&#160;&#160;&#160; receive, for its exclusive benefit, by way of subrogation, in the event of redemption of shares, consolidation, spin-off, merger, capital reduction or winding up, reorganization, transformation and liquidation of CV or the relevant issuer of Additional and/or Subsequent Shares and Rights, the shares to which CVH may be entitled in exchange for the Pledged Shares or, if applicable, the proceeds from the redemption, reduction or winding up as well as any monies or property to be received in the future as a result of the winding up and/or transfer of all or part of the Pledged Shares and/or for any other reason or on any other account having a similar effect (all of which shall be subject to the Pledge);</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font>&#160;&#160;&#160;&#160; execute, on behalf of CVH, each and all the required documentation to, upon the occurrence and during the continuance of any Event of Default, attend and vote the Pledged Shares in all of CV&#146;s or the relevant issuer&#146;s shareholders&#146; meetings;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font>&#160;&#160;&#160;&#160;&#160; make, on behalf of CVH, each and all necessary communications to CV or the relevant issuer in order to register in CV&#146;s or the relevant issuer&#146;s stock ledger book the constitution of the Pledge over any Additional and/or Subsequent Shares and Rights received by CVH; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font>&#160;&#160;&#160;&#160;&#160; in case of enforcement of the Pledge and the auction of the Pledged Shares in accordance with Section&nbsp;4.2 hereof, execute, on behalf of CVH, each and all the required documentation in order to, transfer the Pledged Shares in favor of their purchasers, in each case subject to compliance with Article&nbsp;IV of the Cablevisi&#243;n Shareholders&#146; Agreement and Article&nbsp;IV of the TEO Shareholders&#146; Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;5.2. <u>Validity; Term.</u> In accordance with Article&nbsp;1,330 of the Civil and Commercial Code, it is hereby expressly agreed that the Power of Attorney hereby granted is validly granted to the Collateral Agent for the period beginning on the date hereof and ending on the Termination Date. In addition, CVH expressly waives to claim the ineffectiveness or unenforceability of any acts performed under this power of attorney based on Section&nbsp;368 of the Civil and Commercial Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">SECTION&nbsp;5.3. <u>Notarization.</u> CVH hereby agrees, irrevocably and unconditionally, to cause the Power of Attorney to be notarized and entered into as public deed at its sole expense within five</font>  </font>(5) Business Days as of the date hereof.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL REPRESENTATIONS AND WARRANTIES</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;6.1. <u>Additional Representations and Warranties.</u> CVH represents and warrants to the Collateral Agent for the benefit of the Secured Parties that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font> it has the power to enter into and deliver this Agreement, and to exercise its rights and perform its obligations hereunder, and all action required to authorize the execution and delivery of this Agreement and the performance of their obligations hereunder has been duly taken;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;the entering into and performance by CVH of, and the transactions contemplated by this Agreement, do not and shall not (i)&nbsp;conflict with any law or regulation, or any judicial or official order, in each case applicable to CVH, nor (ii)&nbsp;conflict with its constitution or memorandum and articles of association;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;CVH is the legal and beneficial owner of the Pledged Shares and has full right, power and authority to pledge, assign and grant the Pledge in favor of the Collateral Agent acting for the benefit of the Secured Parties;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;except as set forth in the Cablevisi&#243;n Shareholders&#146; Agreement, the Pledged Shares are not subject to any prior right, title, claim or interest (by way of lien, pledge, charge, security interest or other encumbrance, or otherwise) in favor of any third parties;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font> as of the date hereof, there are no pending actions, suits or other proceedings which might affect the Pledged Shares or the Collateral Agent&#146;s security interest in the Pledged Shares;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font> except as set forth in the Cablevision Shareholders&#146; Agreement and the TEO Shareholders&#146; Agreement, no authorization, consent, approval or other action by, and no notice to or filing with, any Governmental Authority or regulatory body, or other is required for (i)&nbsp;the due execution, delivery and performance by CVH of this Agreement, (ii)&nbsp;the granting by CVH of the Pledge granted by this Agreement, (iii)&nbsp;the perfection of such Pledge, or (iv)&nbsp;the exercise by the Collateral Agent acting for the benefit of the Secured Parties of its rights and remedies under this Agreement;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font> the Pledge hereby creates a first priority security interest on the Pledged Shares in the name of the Collateral Agent and for the benefit and in favor of the Secured Parties, and grants the Collateral Agent a first priority and special lien on the Pledged Shares for payment of the Secured Obligations; and</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;the Shares which have been issued have been duly authorized, validly issued and are fully paid-in, and any Additional and/or Subsequent Shares and Rights that might be issued by CV will be duly authorized, validly issued and fully paid-in upon their issuance.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VII</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">COVENANTS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.1. <u>Affirmative Covenants<i>.</i></u><i>  </i>So long as this Agreement is in effect, CVH hereby covenants that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;it shall pledge in favor of the Collateral Agent, pursuant to the terms and conditions of this Agreement, the number of Additional and/or Subsequent Shares and Rights to maintain compliance with the ratio established in Section&nbsp;6.13(c)&nbsp;of the Credit Agreement, and to comply with the obligations set forth in Section&nbsp;2.2;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;upon the occurrence and during the occurrence of any Event of Default it shall deliver or cause CV or the relevant issuer of Pledged Shares to deliver immediately to the Collateral Agent any cash dividends or other distributions related to the Pledged Shares; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;it shall defend the Pledged Shares against each and all claims and demands of any and all other parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;7.2. <u>Negative Covenants.</u> CVH hereby covenants that, unless otherwise permitted by the Credit Agreement, it shall not:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;take or fail to take any action in such a manner that, immediately after such action or failure to take action, or as a possible result thereof, which might result in an impairment of any of the rights created hereby in favor of the Collateral Agent acting for the benefit of the Secured Parties; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;create other rights in rem, pledges and/or any lien on the Pledged Shares, even if ranking lower than the Pledge created hereby, nor submit them to restrictions or charge them in any manner without prior written consent of the Collateral Agent acting for the benefit of the Secured Parties; and</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;upon the occurrence and during the continuance of any Event of Default, demand or receive any income from or interest on the Pledged Shares, and if CVH receives any such income or interest without any demand by it, same shall be held by CVH in trust for the benefit of the Secured Parties and then delivered to the Collateral Agent acting for the benefit of the Secured Parties in the form received, properly endorsed to permit collection, not later than the next two Business Days following the day of such receipt.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VIII</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDEMNITY</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.1. <u>Indemnification by CVH.</u> CVH (the &#147;<u>Indemnifying Party</u>&#148;) shall indemnify and hold the Collateral Agent and its affiliates and officers, directors, employees, agents and advisors (each an &#147;<u>Indemnified Party</u>&#148;), harmless from and against any and all losses, claims, reasonable expenses and fees (including expenses and fees of legal counsel, tax advisors or other consultants), damages, injuries, penalties and any other reasonable and documented costs and liabilities, on or in respect of (i)&nbsp;the execution, delivery or performance of this Agreement or of any rights and obligations hereunder, (ii)&nbsp;the exercise by any Indemnified Party of any rights and/or obligations hereunder, and (iii)&nbsp;the administration, control and application (if applicable) of the Pledged Shares, to the extent that such loss is attributable to CVH&#146;s failure to comply with any covenant, undertaking and otherwise any other obligation contemplated hereunder. The Indemnifying Party agrees that, without the Indemnified Party&#146;s prior written consent, which consent shall not be unreasonably withheld, it will not settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding in respect of which indemnification could be sought under the indemnification provision of this Agreement (provided that the Indemnified Party is an actual or potential party to such claim, action or proceeding), unless such settlement, compromise or consent includes an explicit and unconditional release of each Indemnified Party from all liability arising out of such claim, action or proceeding.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.2. <u>Reimbursement of Expenses.</u> Promptly upon request of an Indemnified Party, the Indemnifying Party shall reimburse the Indemnified Party all and any cost, tax and expense incurred in connection with the provisions of Sections 8.1 and 9.5 hereof.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;8.3. <u>Other Remedies.</u> Without prejudice to the generality of the foregoing, the Collateral Agent acting for the benefit of the Secured Parties is authorized (but not required) to use any proceeds under its control or administration pursuant to this Agreement, to substitute, replace or discharge (i)&nbsp;any attachment, Lien or encumbrance established upon any of the Pledged Shares, and (ii)&nbsp;any adverse administrative, judicial or arbitral judgment imposed on the Collateral Agent, the Offshore Collateral Agent, the Administrative Agent and/or the Lenders that is indemnifiable hereunder, the enforcement of which or compliance therewith cannot be stayed or suspended through an appeal. Any such use or application of funds or assets shall be at the exclusive cost of CVH.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IX</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">ADDITIONAL PROVISIONS</font></u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.1. <u>Partial Discharge.</u> Unless otherwise permitted by Section&nbsp;6.13(c)(ii)&nbsp;of the Credit Agreement, CVH may not request, carry out, or try to request or carry out partial discharges of the Pledged Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.2. <u>Validity Term. Cancellation and Discharge.</u> Except as provided otherwise in this Terms and Conditions or in the Credit Agreement, the Pledge hereby created will remain in full force and effect until the Termination Date. Upon payment in full and compliance with the Secured Obligations in their entirety to the full satisfaction of the Collateral Agent acting for the benefit of the Secured Parties, the Collateral Agent acting for the benefit of the Secured Parties shall deliver to CVH any and all documents required for the cancellation and discharge of the Pledge and perform any such acts as may be necessary for that purpose.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.3. <u>Assignment.</u> The rights from the Pledge hereby created (a)&nbsp;may be assigned by the Lenders under the same terms and conditions as set forth in Section&nbsp;9.6 of the Credit Agreement; and (b)&nbsp;may not be shared, transferred or assigned, in whole or in part, by CVH, whether individually or jointly, without the prior written consent of the Collateral Agent acting for the benefit of the Secured Parties.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.4. <u>Subrogation.</u> In the event of redemption of the Pledged Shares, a consolidation, spin-off, merger, capital reduction or dissolution, reorganization, transformation or liquidation of CV or the relevant issuer of the Additional and/or Subsequent Shares and Rights, the Pledge hereby created shall attach by way of subrogation to the shares to be received in exchange for the Pledged Shares, or, if applicable, to the proceeds of the redemption, reduction or liquidation. Additionally, the Pledge shall remain in full force and effect and extend by way of subrogation to any sum of money or assets that CVH may receive hereafter as a result of the liquidation and/or transfer in whole or in part of the Pledged Shares and/or for any other cause or reason having a similar effect.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;9.5. <u>Expenses and Taxes.</u> All present and future taxes (including any withholdings or deductions) and expenses arising from or relating to this Agreement, including any reasonable and documented counsel and notary fees and costs arising from or relating to the implementation, execution, or discharge of the Pledge created hereby, shall be at CVH&#146;s full and sole expense, as provided for in Section&nbsp;9.2 of the Credit Agreement.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;X</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS. GOVERNING LAW AND JURISDICTION. DOMICILES.</font></u></p>
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<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.1. <u>Delays or Omissions &#150; Remedy Cumulative - Time of the Essence.</u> No delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. All remedies, either under this Agreement, any other Credit Document, by law, or otherwise afforded to any party, shall be cumulative and not alternative. Time is of the essence with respect to the performance of this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.2. <u>Performance of Required Duties.</u> Upon failure by any of the parties hereto to perform any of its duties hereunder, the other party may, but shall not be obliged to, perform any or all such duties, and the non-complying party shall pay an amount equal to the cost thereof to the complying party upon demand. Payment of all monies hereunder shall be secured by the Pledged Shares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">SECTION&nbsp;10.3. <u>Limitation on Duties Regarding Collateral; Limitation on Liability. </u></font>(a)&#160;&#160; </font>The Collateral Agent will perform its duties and exercise its hereunder based upon instructions it receives from time to time from the Administrative Agent. The Collateral Agent&#146;s sole duty with respect to the custody, safekeeping and physical preservation of the Pledged Shares in its possession shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own account. None of the Collateral Agent or the Secured Parties, nor their respective directors, officers, employees, or agents shall be liable for failure to demand, collect or realize upon any of the Pledged Shares or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any of the Pledged Shares upon the request of CVH, CV or the relevant issuer of the Pledged Shares or any other Person or to take any other action whatsoever with regard to the Pledged Shares or any part thereof, including,</p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">16<a name="PB_16_035042_3020"></a></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">without limitation, as to ascertaining or taking action with respect to calls, &#160;conversions,&#160; exchanges, tenders or other matters relative to any Pledged Shares, whether or not the Collateral Agent or the Secured Parties have or are deemed to have knowledge of such matters. The rights of the Collateral Agent shall not be conditioned or contingent upon the pursuit by the Collateral Agent of any right or remedy against the Company, the relevant issuer of the Additional and/or Subsequent Shares and Rights or against any other Person which may be or become liable in respect of all or any part of the Secured Obligations or against any collateral security therefor, guarantee thereof or right of offset with respect thereto. (b)&nbsp;The Onshore Collateral Agent shall not be liable for failure to perform any of its obligations under this Agreement or any other Credit Document where such failure is due to any of the following: restrictions on transfer and/or conversion of the relevant currency, confiscation, expropriation, nationalization, acts of war, civil riot or insurrection, acts by any governmental or similar agency (de jure or de facto), or other cases of force majeure. Only the assets of the Onshore Collateral Agent shall be used for the purpose of meeting its obligations under this Agreement. No office or branch of Citibank, N.A. (including its head office in the United States) other than the branch of Citibank N.A. established in the Republic of Argentina, and no entity or person affiliated and/or related to Citibank N.A., shall be liable for performance of the obligations of the Onshore Collateral Agent under this Agreement. Accordingly, the Borrower, the Arrangers, the Lenders, the Administrative Agent and the Offshore Collateral Agent hereby expressly waive any right to look to or seek payment from or at any office, branch or affiliate of Citibank,</font>  </font>N.A. outside of Argentina in connection with this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.4. <u>Authority of the Collateral Agent.</u> (a)&nbsp;CVH acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Collateral Agent and the Secured Parties, be governed by such agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and CVH, the Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority to so act or refrain from acting.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:105.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font>&#160;&#160; It is hereby expressly stated that all and any of the powers granted to the Collateral Agent hereunder are granted for the exclusive purpose of protecting the Pledge granted for the benefit of the Secured Parties, and it shall not be construed that the Collateral Agent shall be bound in any manner whatsoever in respect of CVH to exercise or refrain from exercising said rights and powers, being expressly stated that failure of the Collateral Agent to exercise any of said rights or powers shall not imply its waiver thereof or an authorization not to comply with the same.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:105.15pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font>&#160; Any and all responsibilities, rights and obligations,&#160; including but not limited to any voting and selling rights, to be performed hereunder by the Collateral Agent shall be performed directly or by its designated nominees, at sole consideration of the Collateral Agent. This shall in no event limit the responsibilities of the Collateral Agent.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.5. <u>Notices.</u> Any notice or other communication herein required or permitted to be given to CVH or the Collateral Agent, shall be sent to such Person&#146;s address as set forth on Appendix B of the Credit Agreement or in the other relevant Credit Document, and in the case of any Lender, the address as indicated on Appendix B of the Credit Agreement. Each notice hereunder shall be in writing and may be personally served or sent by telefacsimile (except for any notices sent to Administrative Agent) or airmail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">17<a name="PB_17_035118_7748"></a></p>
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<p style="margin:0in 0in .0001pt 5.05pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">telefacsimile, or three Business Days after depositing it in the mail with postage prepaid and properly addressed; provided, no notice to any Agent shall be effective until received by such Agent.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.6. <u>Governing Law.</u> This Agreement is governed by, and shall be construed in accordance with the laws of the Republic of Argentina, without regard to its international private law provisions.</font></p>
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<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.7. <u>Jurisdiction.</u> (a)&nbsp;Any suit, action or proceedings arising out of or relating to this Agreement shall be submitted to the jurisdiction of the Commercial Courts of the City of Buenos Aires, Argentina.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font> Each of the parties hereto agrees that a judgement or arbitral award in any such action or proceeding shall be conclusive and may be enforced in any jurisdictions by suit on such judgement or arbitral award or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Collateral Agent acting for the benefit of the Secured Parties may otherwise have to bring any action or proceeding relating to this Agreement against CVH or its properties in the courts of any jurisdiction nor the right of the Collateral Agent acting for the benefit of the Secured Parties to promptly foreclose the Pledge in accordance with the provisions set forth in this Agreement.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font>&#160; Each of the parties hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in (a)&nbsp;and (b)&nbsp;above. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. To the extent that any of the parties may be entitled to the benefit of any provision of law requiring the Collateral Agent acting for the benefit of the Secured Parties in any suit, action or proceeding brought in a court of the Republic of Argentina or other jurisdiction arising out of or in connection with any Credit Document or the transactions contemplated hereby, to post security for litigation costs or otherwise post a performance bond or guaranty (&#147;<i>cautio judicatum solvi</i>&#148; or &#147;<i>excepci&#243;n de arraigo</i>&#148;), or to take any similar action, each of the parties hereby waives such benefit, in each case to the fullest extent now or hereafter permitted under the laws of Argentina or, as the case may be, such other jurisdiction.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.8. <u>Severability.</u> In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 5.05pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECTION&nbsp;10.9. <u>Obligations Several; Independent Nature of Lenders&#146; Rights.</u> The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations of any other Lender hereunder. Nothing contained herein, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. The amounts payable at any time to each Lender shall be a separate and independent debt, and each Lender shall be entitled to protect and enforce its rights arising out hereof and it shall not be necessary for any other Lender to be joined as an additional party in any proceeding for such purpose.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">18<a name="PB_18_035142_141"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Copy of Credit Agreement</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Initial Shares</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;A</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;of Enforcement Notice</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Enforcement Notice</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notificaci&#243;n de   Incumplimiento</font></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>COLLATERAL AGENT&#146;S LETTERHEAD</i>]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>MEMBRETE   DEL AGENTE DE LA GARANTIA</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[insert date]</font></i></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>fecha</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>insert   name</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>insert   address</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>insert   attention</i>]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>nombre</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>domicilio</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>atenci&#243;n</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc: [<i>insert&nbsp;name&nbsp;and&nbsp;address</i>]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c.c.: [<i>nombre y   domicilio</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ref.: Share Pledge Agreement &#151; Enforcement Notice</font></u></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt 50.0pt;text-align:center;text-indent:-10.0pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ref.: Contrato de Prenda de Acciones &#151; Notificaci&#243;n de </font></u></b><b><u style="font-weight:bold;">Incumplimiento</u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.75in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De&nbsp;mi&nbsp;mayor&nbsp;consideraci&#243;n:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is hereby made to that certain share pledge agreement   entered into by and between CVH, as pledgor <u>(</u>&#147;CV<u>H</u>&#148;), and the   branch of Citibank, N.A. established in the Republic of Argentina, as pledgee   (the &#147;<u>Collateral Agent</u>&#148;) acting for the benefit of the Secured   Parties, dated [ ] (the <u>&#147;</u>S<u>hare Pledge Agreement</u>&#148;). Capitalized   terms not otherwise defined shall have the meaning ascribed in the Share   Pledge Agreement.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Por la presente hacemos referencia al contrato de prenda de acciones   celebrado entre CVH, como deudor prendario (&#147;<u>CVH</u>&#148;), y la sucursal de   Citibank, N.A., establecida en la Rep&#250;blica Argentina, como acreedor   prendario (el <u>&#147;</u>A<u>gente de la Garant&#237;a</u>&#148;), actuando en beneficio   de [ ] (as <u>&#147;</u>P<u>artes Garantizadas</u>&#148;) en fecha [ ] (el &#147;<u>Contrato   de Prenda de Acciones</u>&#148;). Los t&#233;rminos en may&#250;sculas que no est&#233;n   definidos de otra manera tendr&#225;n los significados otorgados a &#233;stos en el   Contrato de Prenda de Acciones.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section 3.2 of the   Share Pledge Agreement, you are hereby notified that an Event of Default has   occurred and is continuing under the Credit Agreement and you are hereby   instructed to refrain from exercising any and all voting rights and all other   political rights corresponding to the Pledged Shares.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conforme a lo establecido por la   Secci&#243;n 3.2 del Contrato de Prenda de Acciones, por la presente se lo   notifica a Ud. que ha habido un incumplimiento bajo el Contrato de Pr&#233;stamo   CVH y por la presente se ordena a Ud. a cesar en el ejercicio de los derechos   de voto y todos los dem&#225;s derechos pol&#237;ticos correspondientes a las Acciones   Prendadas.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely yours,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cordialmente.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C902520\17-28256-1\task8682476\28256-1-ms-37.htm',USER='C902520',CD='Jan  2 23:29 2018' -->

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;B</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;of Pledge Notice and Receipt</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Pledge Notice to   the Company or relevant issuer</font></u></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Notificaci&#243;n de   Prenda a la Sociedad o al emisor correspondiente</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Al Directorio<br>   de</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Directors of   [Cablevisi&#243;n S.A.. /relevant issuer] / Banco Ita&#250; Argentina&nbsp;S.A. </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[CV/emisor correspondiente] /   Banco Ita&#250; Argentina S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ ]</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ ]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Republic of Argentina</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rep&#250;blica Argentina</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs,</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimados:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ref.: Constitution   of Pledge of Shares</font></u></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ref.: Constituci&#243;n   de Prenda de Acciones</font></u></b></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the provisions of Section&nbsp;215 of the Argentine   Companies Law No.&nbsp;19,550 of the Republic of Argentina and in relation   with the Pledge Agreement entered into by and between CVH (&#147;<u>CVH</u>&#148;) and   the branch of Citibank, N.A. established in the Republic of Argentina, as   pledgee (the <u>&#147;</u>Co<u>llateral Agent</u>&#148;) acting for the benefit of the   Secured Parties, dated [ ] (the &#147;<u>Credit Agreement</u>&#148;), we hereby notify   you that we have created a first priority security interest in the form of   pledge under Article&nbsp;2219 et seq. of the Civil and Commercial National   Code of the Republic of Argentina, in the name of the Collateral Agent, for   the benefit and in favor of the Secured Parties, on: (a)&nbsp;[ ] [ordinary],   [class [</font><font face="Symbol">&#183;</font>]], book-entry shares (<i>acciones   escriturales</i>), shares of [CV/issuer] <u>(</u>&#147;CV&#148; or the &#147;<u>Issuer</u>&#148;)   owned by CVH (the &#147;<u>Shares</u>&#148; or the <u>&#147;</u>Pled<u>ged Shares</u>&#148;),   (b)&nbsp;all sums of money to be received by CVH resulting from any reduction   and/or reimbursement of capital stock and from any redemption, amortization   and/or reimbursement in full or in part of the Pledged Shares), and   (c)&nbsp;in case an &#147;Event of Default&#148; under the Credit Agreement shall have   occurred and is continuing, all dividends and distributions (in cash or in   kind) to be received by CVH as of the date thereof, whether interim or final,   in cash or kind, and any other kind of distribution of profits related to the   Pledged Shares (the <u>&#147;</u>Pled<u>ge</u>&#148;).</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De conformidad con lo establecido   en el art&#237;culo 215 de la Ley General de Sociedades N&#186; </font>19.550 de la Rep&#250;blica Argentina y en virtud   del contrato de prenda celebrado entre CVH (&#147;<u>CVH</u>&#148;) y la sucursal de   Citibank, N.A., establecida en la Rep&#250;blica Argentina, como acreedor   prendario (el &#147;Agente de la Garant&#237;a&#148;), actuando en beneficio de [ ] (las   &#147;Partes Garantizadas&#148;), como acreedor pignoraticio (el <u>&#147;</u>A<u>gente de   la Garant&#237;a</u>&#148;) actuando para beneficio de [ ] (los <u>&#147;</u>P<u>restamistas</u>&#148;)   en fecha [ ] (el <u>&#147;</u>C<u>ontrato de Pr&#233;stamo CVH</u>&#148;), por la presente   notificamos que hemos constituido un derecho de prenda de primer grado, de   conformidad lo establecido por el art&#237;culo 2219 y siguientes del C&#243;digo Civil   y Comercial de la Rep&#250;blica Argentina, en nombre del Agente de la Garant&#237;a, a   favor y en beneficio de las Partes Garantizadas sobre: (a)&nbsp;[ ] acciones   [ordinarias], escriturales, [clase [<font face="Symbol">&#183;</font>]] de   [CV/Emisor] <u>(</u>&#147;C<u>V</u>&#148; o el <u>&#147;</u>E<u>misor</u>&#148;) de propiedad de   CVH (las &#147;<u>Acciones</u>&#148; o las &#147;<u>Acciones Prendadas</u>&#148;), (b)&nbsp;todas   las sumas de dinero que reciba CVH que resulten de cualquier reducci&#243;n y/o   reembolso de capital social y de cualquier rescate, amortizaci&#243;n y/o   reembolso total o parcial de las Acciones Prendadas, y (c)&nbsp;en caso que   un &#147;Evento de Incumplimiento&#148; bajo el Contrato de Pr&#233;stamo CVH hubiere   ocurrido y continuare, todos los dividendos y distribuciones (en efectivo o   en especie) que reciba CVH desde dicha fecha, sean provisorios o definitivos,   en efectivo o en especie, y todo otro tipo de distribuci&#243;n de ganancias   relacionado con las Acciones Prendadas (la <u>&#147;</u>P<u>renda</u>&#148;).</p>    </td>   </tr>  </table>
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<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C902520\17-28256-1\task8682476\28256-1-ms-37.htm',USER='C902520',CD='Jan  2 23:29 2018' -->

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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Pledge, upon   delivery of an Enforcement Notice substantially in the form attached as <u>Exhibit&nbsp;I</u>,   all voting rights and all other political rights corresponding to the Pledged   Shares shall be irrevocably vested upon the Collateral Agent and shall be   exercisable and enforceable exclusively by the Collateral Agent.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conforme a lo dispuesto en la   Prenda, en caso de recibir una Notificaci&#243;n de Ejecuci&#243;n sustancialmente bajo   la forma adjunta como <u>Anexo I</u>, todos y cada uno de los derechos de   voto y todos los restantes derechos pol&#237;ticos correspondientes a las Acciones   Prendadas ser&#225;n conferidos irrevocablemente al Prestamista y s&#243;lo el   Prestamista podr&#225; ejercerlos y ejecutarlos.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We kindly request that you   immediately record the pledge on the stock ledger of [CV/Issuer] pursuant to   Section&nbsp;213 (4)&nbsp;and 215 of the Argentine Companies Law   No.&nbsp;19,550 of the Republic of Argentina.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Solicitamos por el presente que   registre de inmediato la prenda de primer grado constituida en el libro de   registro de acciones de [CV/Emisor] de conformidad con el art&#237;culo 213   (4)&nbsp;y 215 de la Ley General de Sociedades N&#186; 19.550 de la Rep&#250;blica   Argentina.</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Atentamente.</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[signature]</font></i></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[firma]</font></i></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" valign="top" style="padding:0in 0in 0in 0in;width:47.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[name]</font></i></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[nombre]</font></i></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt 1.0pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit&nbsp;B - Form&nbsp;of Pledge Notice and Receipt</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_034806_1409"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
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<br clear="all" style="page-break-before:always;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;I</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Enforcement Notice</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>COLLATERAL AGENT&#146;S LETTERHEAD</i>]</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>MEMBRETE   DEL PRESTAMISTA</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[insert date]</font></i></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>fecha</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.52%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>insert   name</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>insert   address</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>insert   attention</i>]</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>nombre</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>domicilio</i>]</font></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[<i>atenci&#243;n</i>]</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ref.: Share Pledge Agreement &#151; Enforcement Notice</font></u></b></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ref.: Contrato de Prenda de Acciones &#151; Notificaci&#243;n   de </font></u></b><b><u style="font-weight:bold;">Incumplimiento</u></b></p>
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Sirs:</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">De mi mayor consideraci&#243;n:</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.52%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference is hereby made to that certain share pledge agreement   entered into by and between CVH, as pledgor <u>(</u>&#147;CV<u>H</u>&#148;), and the   branch of Citibank, N.A. established in the Republic of Argentina, as pledgee   (the &#147;<u>Collateral Agent</u>&#148;) acting for the benefit of the Secured   Parties, dated [ ] (the <u>&#147;</u>S<u>hare Pledge Agreement</u>&#148;). Capitalized   terms not otherwise defined shall have the meaning ascribed in the Share   Pledge Agreement.</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Por la presente hacemos referencia al contrato de prenda de acciones   celebrado entre CVH, como deudor prendario (&#147;<u>CVH</u>&#148;), y [ ], como   acreedor prendario (el &#147;<u>Agente de la Garant&#237;a</u>&#148;), actuando en beneficio   de [ ] (los <u>&#147;</u>P<u>restamistas</u>&#148;) en fecha [ ] (el <u>&#147;</u>C<u>ontrato   de Prenda de Acciones</u>&#148;). Los t&#233;rminos en may&#250;sculas que no est&#233;n   definidos de otra manera tendr&#225;n los significados otorgados a &#233;stos en el   Contrato de Prenda de Acciones.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.52%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to Section </font>3.2 of the Share Pledge Agreement,   you are hereby notified that an Event of Default has occurred and is   outstanding under the Credit Agreement and you are hereby notified that CVH   shall refrain from exercising any and all voting rights and all other   political rights corresponding to the Pledged Shares.</p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conforme a lo establecido por la   Secci&#243;n 3.2 del Contrato de Prenda de Acciones, por la presente se lo   notifica a Ud. que ha habido un incumplimiento bajo el Contrato de Pr&#233;stamo   CVH y por la presente Ud. es notificado que CVH cesar&#225; de ejercer en adelante   los derechos de voto y todos los dem&#225;s derechos pol&#237;ticos correspondientes a   las Acciones Prendadas.</font></p>    </td>   </tr>
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<td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely yours,</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cordialmente.</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="48%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="10%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:10.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_045700_7748"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;C</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Form&nbsp;of Power of Attorney</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ESTE PODER </font></b><b>ESPECIAL IRREVOCABLE </b>es otorgado a trav&#233;s de la escritura de fecha [ ] por CVH, una   sociedad an&#243;nima constituida bajo las leyes de [ ], con su domicilio   registrado en [<font face="Symbol">&#183;</font>], (&#147;<u>CVH</u>&#148;), conforme lo resuelto en   su reuni&#243;n de directorio de fecha [<font face="Symbol">&#183;</font>] (el &#147;<u>Poder</u>&#148;).</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS SPECIAL IRREVOCABLE POWER OF </font></b><b>ATTORNEY </b>is made by way of deed on [ ] by CVH, a   corporation duly organized under the laws of Argentina, which has its   registered address at [<font face="Symbol">&#183;</font>] (&#147;<u>CVH</u>&#148;), as decided in its board of   directors` meeting dated on [<font face="Symbol">&#183;</font>] (the &#147;<u>Power of Attorney</u>&#148;).</p>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>CVH apodera a [ ] (cada uno, un &#147;<u>Apoderad</u>o&#148;),   en forma indistinta, para ser los apoderados de CVH con todo el poder y   autoridad necesarios, a fin de actuar por y en nombre de CVH con respecto a   cierto contrato de prenda de acciones celebrado entre CVH y [ ] (el <u>&#147;</u>A<u>gente   de la Garant&#237;a</u>&#148;) actuando para beneficio de [ ] (los <u>&#147;</u>Pr<u>estamistas</u>&#148;)   en fecha [ ] (el <u>&#147;</u>Co<u>ntrato de Prenda de Acciones</u>&#148;) (los   t&#233;rminos utilizados en el presente y no definidos tendr&#225;n el significado   asignado en el Contrato de Prenda de Acciones), instrumentado con el   prop&#243;sito de garantizar el fiel cumplimiento de todas y cada una de las   obligaciones asumidas por CVH bajo un cierto contrato de pr&#233;stamo celebrado   entre CVH, como prestatario, y el Prestamista, como prestamista, de fecha (el   &#147;<u>Contrato de Pr&#233;stamo</u>&#148;). El presente Poder se otorga expresamente sin   facultades de sustituci&#243;n. Los Apoderados no recibir&#225;n contraprestaci&#243;n   alguna por el desempe&#241;o de este Poder. Cada Apoderado queda autorizado para:</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>CVH   appoints [ ] (each an &#147;<u>Attorney</u>&#148;) severally and indistinctly to be the   CVH&#146;s true and lawful attorney with the full power and authority on its   behalf and in its name or otherwise in respect of a certain share pledge   agreement entered into by and between CVH and the branch of Citibank, N.A. established in the Republic of Argentina (the <u>&#147;</u>Co<u>llateral   Agent</u>&#148;) acting for the benefit of the Secured Parties, dated [ ] (the &#147;<u>Share   Pledge Agreement</u>&#148;) (with terms used and not otherwise defined herein   having the same meaning herein as therein), executed for the purpose of   securing the timely fulfilment of each and all obligations assumed by CVH   under a certain Credit Agreement entered into by and between CVH, as   borrower, and the Lenders, as lenders, dated [ ] (the &#147;<u>Credit Agreement</u>&#148;).   This Power of Attorney is expressly granted without power of substitution.   The Attorneys will not receive any consideration whatsoever for exercising   this Power of Attorney. Each Attorney shall have the full power and authority   to:</p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>suscribir y pagar el precio de   cualquier y todas las Acciones Adicionales y Subsecuentes que fuera requerido   a efectos de cumplir con lo dispuesto en el Contrato de Pr&#233;stamo.</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>subscribe for and pay in any   Additional and/or Subsequent Shares and Rights to ensure compliance with the   Credit Agreement.</p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>notificar a CV o al emisor de Acciones Adicionales y/o Subsecuentes,   seg&#250;n fuera aplicable, acerca de la constituci&#243;n de la prenda bajo el   Contrato de Prenda de Acciones (la &#147;Prenda&#148;) y solicitar la registraci&#243;n de   dicha Prenda en el libro de dep&#243;sito de acciones de CV o del emisor de   Acciones Adicionales y/o Subsecuentes;</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>notify to CV or the issuer of Additional and/or Subsequent Shares and   Rights, as applicable, of the creation of the pledge under the Share Pledge   Agreement (the &#147;Pledge&#148;) and request the registration of such Pledge in CV&#146;s   or the issuer of Additional and/or Subsequent Shares and Rights&#146; stock   ledger;</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(x)&nbsp;depositar   cualquier Acci&#243;n Adicional y/o Subsecuente en la cuenta de CVH de Caja de   Valores; (y)&nbsp;notificar Caja de Valores la creaci&#243;n de la</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>(x)&nbsp;deposit   any Additional and/or Subsequent Shares and Rights into the account of CVH   with Caja de Valores; (y)&nbsp;notify to Caja de Valores of the</p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prenda sobre cualquier Acci&#243;n Adicional   y/o Subsecuente, instruir a Caja de Valores la anotaci&#243;n de la Prenda en el   registro de accionistas del emisor de Acciones Adicionales y/o Subsecuentes,   firmar y presentar cualquier formulario requerido por la Caja de Valores.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">creation of the Pledge on any   Additional and/or Subsequent Shares and Rights, instruct Caja de Valores the   annotation of the Pledge in the registry of shareholders of the issuer of   those Additional and/or Subsequent Shares and Rights, execute and file any   required form with Caja de Valores.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>informar a CV y/o al emisor de   Acciones Adicionales y/o Subsecuentes, seg&#250;n fuera aplicable, sobre los   intereses, cesiones o transferencias, totales o parciales, de los derechos   que surgen de la Prenda, seg&#250;n el Art&#237;culo 215 de la Ley General de   Sociedades y solicitar que tales intereses, cesiones o transferencias sean   registrados en el libro de dep&#243;sito de acciones de CV o del emisor de   Acciones Adicionales y/o Subsecuentes;</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>notify CV and/or the issuer of Additional and/or Subsequent Shares and   Rights, as applicable, of the interests, assignments or transfers, in full or   in part, of the rights arising from the Pledge pursuant to Section&nbsp;215   of the Argentine Company&#146;s Law and request that such interests, assignments   or transfers be registered in CV&#146;s or the issuer of Additional and/or   Subsequent Shares and Rights&#146; stock ledger;</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>cobrar   o causar el cobro de CV o del emisor de Acciones Adicionales y/o Subsecuentes   de todo dividendo o reparto de utilidades de cualquier tipo efectuado o   distribuido por CV o el emisor de Acciones Adicionales y/o Subsecuentes en   relaci&#243;n a las acciones prendadas bajo el Contrato de Prenda de Acciones,   para que los mismos sean prendados bajo la Prenda;</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>collect   or cause to be collected from CV or the issuer of Additional and/or   Subsequent Shares and Rights any stock dividends or distributions of any kind   made by CV or the issuer of Additional and/or Subsequent Shares and Rights   relating to the shares pledged under the Share Pledge Agreement, to make them   subject to the Pledge;</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>ejercer   el derecho a voto correspondiente a las acciones prendadas, y a los derechos   econ&#243;micos relacionados con las acciones prendadas, con el m&#225;ximo alcance   permitido por las leyes correspondientes;</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>exercise   the voting rights corresponding to the shares pledged under the Share Pledge   Agreement and the economic rights (<i>derechos econ&#243;micos</i>)   pertaining to the pledged shares, to the fullest extent permitted by the   applicable laws;</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>recibir   para su propio beneficio y por medio de subrogaci&#243;n, en el evento de rescate   de acciones, fusi&#243;n, escisi&#243;n, fusi&#243;n por absorci&#243;n, reducci&#243;n de capital,   reorganizaci&#243;n, transformaci&#243;n y liquidaci&#243;n de CV o del emisor de Acciones   Adicionales y/o Subsecuentes, las acciones a las que CVH tuviere derecho a   cambio de las acciones prendadas o, de ser aplicable, los fondos provenientes   del rescate, reducci&#243;n o liquidaci&#243;n al igual que cualquier monto o bien que   se pudiere recibir en el futuro como resultado de la liquidaci&#243;n y/o   transferencia, total o parcial, de las acciones prendadas y/o</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.98%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>receive,   for its exclusive benefit, by way of subrogation, in the event of redemption   of shares, consolidation, spin-off, merger, capital reduction or winding up,   reorganization, transformation and liquidation of CV or the issuer of the   Additional and/or Subsequent Shares and Rights, the shares to which CVH may   be entitled in exchange for the pledged shares or, if applicable, the   proceeds from the redemption, reduction or winding up as well as any monies   or property to be received in the future as a result of the winding up and/or   transfer of all or part of the pledged shares</p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt 1.0pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Exhibit&nbsp;C - Form&nbsp;of Power of Attorney</font></i></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_045722_3806"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">por cualquier otro motivo o en   cualquier otra cuenta que tuviere efecto similar (los cuales quedaran todos   sujetos a la Prenda);</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and/or for any other reason or on   any other account having a similar effect (all of which shall be subject to   the Pledge);</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>cobrar o causar el cobro de CVH   de toda otra acci&#243;n adicional que pudiera emitirse por cualquier raz&#243;n o   concepto que se deba incluir en la Prenda seg&#250;n se establece en el Contrato   de Prenda de Acciones; y realizar en nombre de CVH todas las comunicaciones   que fueren necesarias con el fin de registrar en el libro de dep&#243;sito de   acciones de CV o del emisor de Acciones Adicionales y/o Subsecuentes la   constituci&#243;n de la Prenda sobre cualquier Acci&#243;n Adicional y/o Subsecuente   recibida por CVH;</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>collect or cause to be collected from CVH any additional shares which   may be issued for any other reason or concept which are to be included in the   Pledge as provided in the Share Pledge Agreement; make, on behalf of CVH,   each and all necessary communications in order to register in CV&#146;s or the   issuer of Additional and/or Subsequent Shares and Rights&#146; stock ledger the   constitution of the Pledge over any Additional and/or Subsequent Shares and   Rights received by CVH;</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>ejecutar, a nombre de CVH, todos y cada uno   de los documentos requeridos para, en caso en que ocurriere y perdurare un   &#147;Evento de Incumplimiento&#148; seg&#250;n dicho t&#233;rmino se encuentra definido en el   Contrato de Pr&#233;stamo CVH, asistir a todas las asambleas de accionistas de CV   o del emisor de Acciones Adicionales y/o Subsecuentes y votar las acciones   prendadas; y</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>execute, on behalf of CVH, each and all the   required documentation to, upon the occurrence and during the continuance of   any &#147;Event of Default&#148; under the Credit Agreement, attend and vote the   pledged shares in all of CV&#146;s or the issuer of Additional and/or Subsequent   Shares and Rights&#146; shareholders&#146; meetings; and</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>en   caso de ejecuci&#243;n de la Prenda y de subasta de las acciones Prendadas,   celebrar y ejecutar en nombre de CVH todos y cada uno de los documentos   requeridos para transferir las acciones prendadas a favor de los compradores.</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>in   case of enforcement of the Pledge and the auction of the pledged shares in,   execute, on behalf of CVH, each and all the required documentation in order   to, transfer the pledged Shares in favor of their purchasers.</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Todos   los contratos, documentos, instrucciones, certificados, modificaciones,   reemplazos, extensiones, modificaciones, suplementos, seguros, escrituras,   instrumentos, notificaciones, cartas, comunicaciones y transacciones   ejecutadas por el Apoderado obligar&#225; a CVH y tendr&#225; el mismo efecto que si   hubiera sido ejecutado por CVH.</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Any   agreements, documents, instructions, certificates, amendments, replacements,   extensions, modifications, supplements, assurances, deeds, instruments,   notices, letters, communications and transactions executed by the Attorney   shall bind CVH and shall have the same effect as if the same had been   executed by CVH.</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Este   Poder tiene car&#225;cter irrevocable y estar&#225; vigente hasta el cumplimiento por   CVH de todas y cada una de sus obligaciones asumidas bajo el Contrato de   Pr&#233;stamo CVH y todas y cada una de las obligaciones asumidas bajo aquellos   documentos all&#237; identificados como</p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>This   Power of Attorney is irrevocable and shall be valid until CVH fulfils each   and all obligations undertaken under the Credit Agreement and each and all   obligations undertaken under any and all documents identified thereunder as</p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_045730_141"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Documentos de Cr&#233;dito</i>&#148;.</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<i>Credit Documents</i>&#148;.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>Este   Poder est&#225; sujeto y debe ser interpretado de acuerdo con las leyes de la   Rep&#250;blica de Argentina.</p>    </td>
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<p style="margin:0in 0in .0001pt;text-indent:1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4. This Power of Attorney is   governed by, and shall be construed in accordance with the laws of the   Republic of Argentina.</font></p>    </td>   </tr>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EN FE DE LO CUAL </font></b>este   Poder ha sido otorgado por CVH a trav&#233;s de escritura y es entregado por&nbsp;medio   del presente en la fecha que figura arriba.</p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF </font></b>this   Power of Attorney has been executed as a deed by CVH and is intended to be   and is hereby delivered on the date first above written.</p>    </td>   </tr>  </table>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_045745_7608"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;I-1 TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF BORROWER NEW YORK COUNSEL LEGAL OPINION</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Attached]</font></i></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_113510_4541"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;I-2 TO<br> CREDIT AGREEMENT</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM&nbsp;OF BORROWER ARGENTINE COUNSEL LEGAL OPINION</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Attached]</font></i></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_113550_7748"></a></p>
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<TYPE>EX-99.7
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<DESCRIPTION>EX-99.7
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<p align="right" style="margin:0in 0in .0001pt 13.5pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;99.<a name="Exhibit99_8_083204"></a>7</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Joint Filing Agreement</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In accordance with Rule&nbsp;13d-1(k)&nbsp;under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13D (including amendments thereto) with respect to the Class&nbsp;B Shares, P$1.00 par value per share, of Telecom Argentina S.A., and further agree that this Joint Filing Agreement be included as an Exhibit&nbsp;to such joint filing, provided that, as contemplated by Section&nbsp;13d-1(k)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the joint filing, unless such person knows or has reason to believe that such information is inaccurate. In evidence thereof, the undersigned hereby execute this Agreement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: January 2, 2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISI&#211;N HOLDING S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Chief Executive Officer</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GC Dominio S.A.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ H&#233;ctor Horacio Magnetto</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">H&#233;ctor Horacio Magnetto</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CABLEVISI&#211;N HOLDING S.A., as managing member of VLG Argentina LLC.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: </font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman and Chief Executive Officer of Cablevisi&#243;n </font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Holding S.A., the managing member of VLG Argentina, LLC</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">1<a name="PB_1_203152_7056"></a></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
