<SEC-DOCUMENT>0001104659-19-051229.txt : 20190925
<SEC-HEADER>0001104659-19-051229.hdr.sgml : 20190925
<ACCEPTANCE-DATETIME>20190924184600
ACCESSION NUMBER:		0001104659-19-051229
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190924
FILED AS OF DATE:		20190925
DATE AS OF CHANGE:		20190924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		191111737

	BUSINESS ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		ALICIA MOREAU DE JUSTO 50
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1107AAB

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELECOM ARGENTINA STET FRANCE TELECOM SA
		DATE OF NAME CHANGE:	19950809
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a19-19025_16k.htm
<DESCRIPTION>6-K
<TEXT>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Arial" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;6-K</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Report of Foreign Private Issuer</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">Pursuant to Rule&nbsp;13a-16 or 15d-16</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Arial" style="font-size:14.0pt;font-weight:bold;">of the Securities Exchange Act of 1934</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;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">For the month of September&nbsp;2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Commission File Number: 001-13464</font></p>
<p style="margin: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>
<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="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Telecom Argentina S.A.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Translation of registrant&#146;s name into English)</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="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alicia Moreau de Justo, No.&nbsp;50, 1107</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Buenos Aires, Argentina</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Arial" style="font-size:10.0pt;">(Address of principal executive offices)</font></p>
<p style="margin: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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</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="60%" style="border-collapse:collapse;margin-left:1.5in;width:60.0%;">
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<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;20-F</font></p>    </td>
<td width="18%" valign="top" 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;"><font size="3" face="Arial" style="font-size:12.0pt;">X</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Form&nbsp;40-F</font></p>    </td>
<td width="18%" valign="top" 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;"><font size="3" face="Arial" 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 style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(1):</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="3" face="Arial" style="font-size:12.0pt;">Yes</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" 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="3" face="Arial" 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="3" face="Arial" style="font-size:12.0pt;">No</font></p>    </td>
<td width="18%" valign="top" 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;"><font size="3" face="Arial" style="font-size:12.0pt;">X</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="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Indicate by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by Regulation S-T Rule&nbsp;101(b)(7):</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="60%" style="border-collapse:collapse;margin-left:1.5in;width:60.0%;">
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<td width="20%" valign="top" style="padding:0in 0in 0in 0in;width:20.02%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">Yes</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">No</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">X</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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></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;"><b><font size="4" face="Arial" style="font-size:14.0pt;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 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="3" face="Arial" style="font-size:12.0pt;">TABLE OF CONTENTS</font><a name="TableOfContents"></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="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">Item</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;text-align:justify;"><font size="2" face="Times New Roman"><a href="#PROPOSALOFAMENDMENTOFTHECORPORAT_023918" title="Click to goto "><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="2" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">Proposal of amendment to the Corporate Bylaws to be considered by the General Extraordinary Shareholders&#146; Meeting and Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings summoned for October&nbsp;10, 2019</i></b></font></a></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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Arial" style="font-size:10.0pt;font-weight:bold;">FREE TRANSLATION</font></u></b></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="90" height="48" src="g190251bei001.jpg"></font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TELECOM ARGENTINA S.A.</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">PROPOSAL OF AMENDMENT TO THE CORPORATE BYLAWS</font></u></b><a name="PROPOSALOFAMENDMENTOFTHECORPORAT_023918"></a></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">TO BE CONSIDERED BY THE GENERAL EXTRAORDINARY SHAREHOLDERS&#146; MEETING AND CLASS&nbsp;&#147;A&#148; AND CLASS&nbsp;&#147;D&#148; SHARES SPECIAL SHAREHOLDERS&#146; MEETINGS SUMMONED FOR OCTOBER 10, 2019</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">The current text of sections 4, 5 and 6 of the Corporate Bylaws and the amended text proposed in each case (in bold and underlined) are transcribed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CURRENT TEXT</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">AMENDED TEXT</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.0%;">
<p style="font-size:10.0pt;margin:0in .05in .0001pt 0in;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;Four</font></u><font color="black" face="Arial" style="color:black;">:   Changes in the capital stock as they arise from capital increases registered   with the Public Registry of Commerce are shown in a note to the Financial   Statements of the Company. Such note accounts for changes in capital stock   during the last three (3)&nbsp;fiscal years, payment thereof and the capital   amount authorized for public offering.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The capital stock is represented by   Class&nbsp;&#147;A&#148;, &#147;B&#148;, &#147;C&#148; and &#147;D&#148; common book-entry shares, with nominal value   of ONE PESO each and entitled to one vote per share.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As long as Class&nbsp;&#147;A&#148; represents at least 15%   of the Company&#146;s common stock, approval by a Class&nbsp;&#147;A&#148; special   shareholders&#146; meeting is required to pass any shareholders&#146; resolution   relating to a Special Majority Matter listed in Section&nbsp;Ten of these   bylaws, except for the Special Majority Matter listed in paragraph   (xxiii)&nbsp;of Section&nbsp;Ten (approval of Business Plan and Annual   Budget) in respect of which a Class&nbsp;&#147;A&#148; special shareholders&#146; meeting   will be necessary as long as Class&nbsp;&#147;A&#148; represents at least 20% of the   Company&#146;s common stock. In addition, as long as Class&nbsp;&#147;D&#148; represents at   least 15% of the Company&#146;s common stock, approval by a Class&nbsp;&#147;D&#148; special   shareholders&#146; meeting is required to pass any shareholders&#146; resolution   relating to a Special Majority Matter listed in Section&nbsp;Ten of these   bylaws, except for the Special Majority Matter listed in paragraph   (xxiii)&nbsp;of Section&nbsp;Ten (approval of Business Plan and Annual   Budget) in respect of which a Class&nbsp;&#147;D&#148; special shareholders&#146; meeting   will be necessary as long as Class&nbsp;&#147;D&#148; represents at least 20% of the   Company&#146;s common stock. The above mentioned special shareholders&#146; meetings   shall be held pursuant to Section&nbsp;250 of Law No.&nbsp;19,550.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Class&nbsp;&#147;A&#148;, &#147;C&#148; and &#147;D&#148; Shares of common   stock are convertible into Class&nbsp;&#147;B&#148; Shares of common stock with equal   political and economic rights, at a ratio of one to one,</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;Four</font></u><font color="black" face="Arial" style="color:black;">:   Changes in the capital stock as they arise from capital increases registered   with the Public Registry of Commerce are shown in a note to the Financial   Statements of the Company. Such note accounts for changes in capital stock   during the last three (3)&nbsp;fiscal years, payment thereof and the capital   amount authorized for public offering.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The capital stock is represented by   Class&nbsp;&#147;A&#148;, &#147;B&#148;, &#147;C&#148; and &#147;D&#148; common <b><strike><u style="font-weight:bold;">book-entry</u></strike></b>   shares, with nominal value of ONE PESO each and entitled to one vote per   share.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Class&nbsp;&#147;A&#148; and &#147;D&#148; shares   may be certified in accordance with applicable law or book-entry as   determined by a Class&nbsp;&#147;A&#148; or Class&nbsp;&#147;D&#148; special shareholders&#146;   meeting. Class&nbsp;&#147;B&#148; and &#147;C&#148; shares shall be book-entry.</font></u></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">As long as Class&nbsp;&#147;A&#148; represents at least 15%   of the Company&#146;s common stock, approval by a Class&nbsp;&#147;A&#148; special   shareholders&#146; meeting is required to pass any shareholders&#146; resolution   relating to a Special Majority Matter listed in Section&nbsp;Ten of these   bylaws, except for the Special Majority Matter listed in paragraph   (xxiii)&nbsp;of Section&nbsp;Ten (approval of Business Plan and Annual   Budget) in respect of which a Class&nbsp;&#147;A&#148; special shareholders&#146; meeting   will be necessary as long as Class&nbsp;&#147;A&#148; represents at least 20% of the   Company&#146;s common stock. In addition, as long as Class&nbsp;&#147;D&#148; represents at   least 15% of the Company&#146;s common stock, approval by a Class&nbsp;&#147;D&#148; special   shareholders&#146; meeting is required to pass any shareholders&#146; resolution   relating to a Special Majority Matter listed in Section&nbsp;Ten of these   bylaws, except for the Special Majority Matter listed in paragraph (xxiii)&nbsp;of   Section&nbsp;Ten (approval of Business Plan and Annual Budget) in respect of   which a Class&nbsp;&#147;D&#148; special shareholders&#146; meeting will be necessary as   long as Class&nbsp;&#147;D&#148; represents at least 20% of the Company&#146;s common stock.   The above mentioned special shareholders&#146; meetings shall be held pursuant to   Section&nbsp;250 of Law No.</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 href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
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<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">at any time, at the request of the holder of one   or more shares of common stock who wishes to convert them into another class,   through a notice addressed to the Board of Directors. For such purpose, the   following procedure will apply: (i)&nbsp;the registered shareholder shall   deliver to the Board of Directors a notice including, in the case of an   individual, his/her first and last names,&nbsp;ID number, real domicile and   special domicile, and in the case of legal entities, its complete legal name,   real domicile and special domicile, and in both cases, if applicable, its   taxpayer identification number and the number of shares of common stock of   the Class&nbsp;held by such shareholder as of that moment, the number of   shares which conversion is requested, and the balance of shares of common   stock of that Class&nbsp;which such shareholder would hold once the   conversion transaction is finished.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The request shall be signed by the registered   shareholder or the registered shareholder&#146;s representative authorized by a   letter certified by a bank or a Notary Public. Such request will constitute   an irrevocable instruction for the Board of Directors to follow the procedure   set forth in this Section&nbsp;Four until the exchange of shares, which shall   be final; (ii)&nbsp;such request shall remain on hold if it is submitted once   a call to a shareholders&#146; meeting of the Company has been published, in which   case the conversion request shall be considered after such shareholders&#146;   meeting; (iii)&nbsp;at the first meeting following receipt of the conversion   request, the Board of Directors shall pass a resolution on such request and   shall notify the new capital structure to the applicable controlling   authority; (iv)&nbsp;the Board of Directors shall immediately request Caja de   Valores S.A., which is in charge of the Company&#146;s Stock Ledger, to lock the   shares, and shall notify the conversion to the <i>Comisi&#243;n Nacional de Valores </i>(Argentine Securities and   Exchange Commission, &#147;CNV&#148; for its Spanish acronym) and the Bolsa de Comercio   de Buenos Aires (Buenos Aires Stock Exchange, &#147;BCBA&#148; for its Spanish acronym)   in order to be granted with the authorization of public offering transfer and   listing transfer, respectively; and (v)&nbsp;once the authorizations are   obtained, Caja de Valores S.A. shall register the shares conversion in the   Company&#146;s Stock Ledger.</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">19,550.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Class&nbsp;&#147;A&#148;, &#147;C&#148; and &#147;D&#148; Shares of common   stock are convertible into Class&nbsp;&#147;B&#148; Shares of common stock with equal   political and economic rights, at a ratio of one to one, at any time, at the   request of the holder of one or more shares of common stock who wishes to   convert them into another class, through a notice addressed to the Board of   Directors. For such purpose, the following procedure will apply: (i)&nbsp;the   registered shareholder shall deliver to the Board of Directors a notice   including, in the case of an individual, his/her first and last   names,&nbsp;ID number, real domicile and special domicile, and in the case of   legal entities, its complete legal name, real domicile and special domicile,   and in both cases, if applicable, its taxpayer identification number and the   number of shares of common stock of the Class&nbsp;held by such shareholder   as of that moment, the number of shares which conversion is requested, and   the balance of shares of common stock of that Class&nbsp;which such   shareholder would hold once the conversion transaction is finished.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The request shall be signed by the registered   shareholder or the registered shareholder&#146;s representative authorized by a   letter certified by a bank or a Notary Public. Such request will constitute   an irrevocable instruction for the Board of Directors to follow the procedure   set forth in this Section&nbsp;Four until the exchange of shares, which shall   be final; (ii)&nbsp;such request shall remain on hold if it is submitted once   a call to a shareholders&#146; meeting of the Company has been published, in which   case the conversion request shall be considered after such shareholders&#146;   meeting; (iii)&nbsp;at the first meeting following receipt of the conversion   request, the Board of Directors shall pass a resolution on such request and   shall notify the new capital structure to the applicable controlling   authority; (iv)&nbsp;the Board of Directors shall immediately request Caja de   Valores S.A., which is in charge of the Company&#146;s Stock Ledger, to lock the   shares, and shall notify the conversion to the <i>Comisi&#243;n Nacional de Valores </i>(Argentine Securities and   Exchange Commission, &#147;CNV&#148; for its Spanish acronym) and the Bolsa de Comercio   de Buenos Aires (Buenos Aires Stock Exchange, &#147;BCBA&#148; for its Spanish acronym)   in order to be granted with the authorization of public offering transfer and   listing transfer, respectively; and (v)&nbsp;once the authorizations are   obtained, Caja de Valores S.A. shall register the shares conversion in the   Company&#146;s Stock Ledger.</font></p>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CURRENT TEXT</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">AMENDED TEXT</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in .05in .0001pt 0in;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;Five</font></u><font color="black" face="Arial" style="color:black;">:   Shares of common stock to be issued in the future will be Class&nbsp;&#147;A&#148;,   &#147;B&#148;, &#147;C&#148; or &#147;D&#148; book-entry shares, having the same characteristics as those   already issued in accordance with the laws and regulations in force. In any   issuance of shares of common stock, the proportion existing between   Class&nbsp;&#147;A&#148;, &#147;B&#148;, &#147;C&#148; and &#147;D&#148; shares at the time of the Shareholders&#146;   Meeting that determines such issuance shall be maintained, except if the   Shareholders&#146;</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;Five</font></u><font color="black" face="Arial" style="color:black;">:   Shares of common stock to be issued in the future will be <b><u style="font-weight:bold;">Class&nbsp;&#147;A&#148; or &#147;D&#148; book-entry or certified   shares, or</u></b> Class&nbsp;&#147;B&#148; or &#147;C&#148; book-entry shares, having the   same characteristics as those already issued in accordance with the laws and   regulations in force. In any issuance of shares of common stock, the   proportion existing between Class&nbsp;&#147;A&#148;, &#147;B&#148;, &#147;C&#148; and &#147;D&#148; shares at the   time of the Shareholders&#146; Meeting that determines such issuance shall </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 href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Meeting decides to act in accordance with the   second paragraph of section 194 of Law No.&nbsp;19,550. The Shareholders&#146;   Meeting may also decide to issue book-entry preferred shares. Preferred   shares may be entitled to preferred payment of their dividend, whether   cumulative or not, according to their terms of issue and may also receive an   additional share in the profits and/or be subject to early redemption, at the   option of the company and under the terms established upon their issue.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Extraordinary Shareholders&#146; Meeting may   approve the issuance of dividend certificates (&#147;<i>bonos de goce</i>&#148;) pursuant to Section&nbsp;228 of Law   No.&nbsp;19,550 and the terms of these bylaws, which shall have the rights   granted to them herein and in their terms and conditions of issuance. The   Extraordinary Shareholders&#146; Meeting may also decide the total or partial   amortization of any paid-in shares, pursuant to Section&nbsp;223 of Law   No.&nbsp;19,550 and, in case of total amortization of shares, the Company   shall issue dividend certificates in favor of the holders of totally   amortized shares, pursuant to Section&nbsp;228 of Law No.&nbsp;19,550 and the   terms of these bylaws. If the amortization of shares is made with the consent   of the holder of such shares, no raffle or pro rata basis among all   shareholders will be necessary for its implementation, as long as the equal   treatment of shareholders principle is observed. In addition, if the   Extraordinary Shareholders&#146; Meeting approves the creation of an unavailable   reserve with liquid and realized profits for an amount equal to the par value   of the shares to be canceled, then the Extraordinary Shareholders&#146; Meeting   may decide that no capital reduction is necessary and that the shares that   remain outstanding may increase their par value so that they may represent by   themselves in the aggregate the Company&#146;s capital stock. The Extraordinary   Shareholders&#146; Meeting shall determine the terms and conditions of issuance of   any dividend certificates that it may decide to issue, including the   determination of a maximum amount of dividends to be collected during their   term of duration, their term of duration and the terms and conditions of   payment, including their payment currency and the protections that the   shareholders&#146; meeting may provide for the collection of such dividends in the   applicable currency. Such dividends may be fixed, variable, eventual or   contingent on any event that the shareholders&#146; meeting may determine, or any   combination of the above, with or without preference or priority with respect   to dividends to be collected by one or more classes of shares of the Company.   The dividend certificates may be issued as certificated securities or   book-entry securities, and they shall be registered and non-endorsable. The   Company shall be in charge of the registration of the ownership of the   dividend certificates and the dividend payments made to them. The dividend   certificates may be totally o partially redeemable at the Company&#146;s exclusive   option and pursuant to the terms and conditions established by the   Extraordinary Shareholders&#146; Meeting for such purpose. The Extraordinary</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">be maintained, except if the Shareholders&#146;   Meeting decides to act in accordance with the second paragraph of section 194   of Law No.&nbsp;19,550. The Shareholders&#146; Meeting may also decide to issue   book-entry preferred shares. Preferred shares may be entitled to preferred   payment of their dividend, whether cumulative or not, according to their   terms of issue and may also receive an additional share in the profits and/or   be subject to early redemption, at the option of the company and under the   terms established upon their issue.</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">The Extraordinary Shareholders&#146; Meeting may   approve the issuance of dividend certificates (&#147;<i>bonos de goce</i>&#148;) pursuant to Section&nbsp;228 of Law   No.&nbsp;19,550 and the terms of these bylaws, which shall have the rights   granted to them herein and in their terms and conditions of issuance. The   Extraordinary Shareholders&#146; Meeting may also decide the total or partial   amortization of any paid-in shares, pursuant to Section&nbsp;223 of Law   No.&nbsp;19,550 and, in case of total amortization of shares, the Company shall   issue dividend certificates in favor of the holders of totally amortized   shares, pursuant to Section&nbsp;228 of Law No.&nbsp;19,550 and the terms of   these bylaws. If the amortization of shares is made with the consent of the   holder of such shares, no raffle or pro rata basis among all shareholders   will be necessary for its implementation, as long as the equal treatment of   shareholders principle is observed. In addition, if the Extraordinary   Shareholders&#146; Meeting approves the creation of an unavailable reserve with   liquid and realized profits for an amount equal to the par value of the   shares to be canceled, then the Extraordinary Shareholders&#146; Meeting may   decide that no capital reduction is necessary and that the shares that remain   outstanding may increase their par value so that they may represent by   themselves in the aggregate the Company&#146;s capital stock. The Extraordinary   Shareholders&#146; Meeting shall determine the terms and conditions of issuance of   any dividend certificates that it may decide to issue, including the   determination of a maximum amount of dividends to be collected during their   term of duration, their term of duration and the terms and conditions of   payment, including their payment currency and the protections that the   shareholders&#146; meeting may provide for the collection of such dividends in the   applicable currency. Such dividends may be fixed, variable, eventual or   contingent on any event that the shareholders&#146; meeting may determine, or any   combination of the above, with or without preference or priority with respect   to dividends to be collected by one or more classes of shares of the Company.   The dividend certificates may be issued as certificated securities or   book-entry securities, and they shall be registered and non-endorsable. The   Company shall be in charge of the registration of the ownership of the   dividend certificates and the dividend payments made to them. The dividend   certificates may be totally o partially redeemable at the Company&#146;s exclusive   option and pursuant to the terms and conditions established by the   Extraordinary Shareholders&#146; Meeting for such purpose. The Extraordinary</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:none;border-left:none;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Shareholders&#146; Meeting shall also determine the   rights that may correspond to each class of dividend certificates with   respect to the Company&#146;s liquidation proceeds, including the right of   preference or priority in the liquidation proceeds with respect to one or   more classes of shares of the Company, once the par value of such class or   classes of shares is reimbursed. Once the dividend corresponding to the   dividend certificates is collected, the dividend certificates shall have no   right to participate in any other payment or distribution to be made by the   Company, during its normal course of business or at its liquidation. The   dividend certificates shall have no right to any liquidation proceeds,   liquidation dividend or similar receivable if the Company is dissolved   without liquidation as a result of being merged into another company that   will become its successor, and because the Company would not be liquidated,   without detriment to the rights of the dividend certificates to receive   dividends pursuant to their terms and conditions of issuance. The Extraordinary   Shareholders&#146; Meeting that decides the amortization of shares and the   issuance of dividend certificates pursuant to the terms of Section&nbsp;228   of Law No.&nbsp;19,550 may authorize the Board of Directors to issue any kind   of dividend certificate pursuant to the terms and conditions that such   Shareholders&#146; Meeting may determine. Neither the dividend certificates nor   their holders shall have any preemptive right or right of accrual, nor any   right to subscribe new shares of any class or any dividend or participation   certificates.</font></p>    </td>
<td width="49%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Shareholders&#146; Meeting shall also determine the   rights that may correspond to each class of dividend certificates with   respect to the Company&#146;s liquidation proceeds, including the right of   preference or priority in the liquidation proceeds with respect to one or   more classes of shares of the Company, once the par value of such class or   classes of shares is reimbursed. Once the dividend corresponding to the   dividend certificates is collected, the dividend certificates shall have no right   to participate in any other payment or distribution to be made by the   Company, during its normal course of business or at its liquidation. The   dividend certificates shall have no right to any liquidation proceeds,   liquidation dividend or similar receivable if the Company is dissolved   without liquidation as a result of being merged into another company that   will become its successor, and because the Company would not be liquidated,   without detriment to the rights of the dividend certificates to receive dividends   pursuant to their terms and conditions of issuance. The Extraordinary   Shareholders&#146; Meeting that decides the amortization of shares and the   issuance of dividend certificates pursuant to the terms of Section&nbsp;228   of Law No.&nbsp;19,550 may authorize the Board of Directors to issue any kind   of dividend certificate pursuant to the terms and conditions that such   Shareholders&#146; Meeting may determine. Neither the dividend certificates nor   their holders shall have any preemptive right or right of accrual, nor any   right to subscribe new shares of any class or any dividend or participation   certificates.</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">CURRENT TEXT</font></p>    </td>
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<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">AMENDED TEXT</font></p>    </td>
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<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:none;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in 5.75pt .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:49.0%;">
<p style="font-size:10.0pt;margin:0in .05in .0001pt 0in;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;Six</font></u><font color="black" face="Arial" style="color:black;">:   Book-entry shares must be registered in accounts under the name of their   holders, by the issuing company, in a book-entry shares registry to which   section 213 of Law No.&nbsp;19,550 applies, where relevant, or by commercial   or investment banks or authorized securities depositaries.</font></p>
<p style="margin:0in .05in .0001pt 0in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.0%;">
<p style="font-size:10.0pt;margin:0in 0in .0001pt .05in;text-align:justify;"><u><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Section&nbsp;Six</font></u><font color="black" face="Arial" style="color:black;">:   Book-entry shares must be registered in accounts under the name of their   holders, by the issuing company, in a book-entry shares registry to which   section 213 of Law No.&nbsp;19,550 applies, where relevant, or by commercial   or investment banks or authorized securities depositaries. <b><u style="font-weight:bold;">The issuing company shall keep a certified   shares registry in the form set forth in and as required by section 213 of   Law No.&nbsp;19,550.</u></b></font></p>
<p style="margin:0in 0in .0001pt .05in;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:1.0%;">
<p style="margin:0in .05in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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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<div style="page-break-before:always;"></div>
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents"><font face="Arial">Table of Contents</font></a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" 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;">SIGNATURES</font></p>
<p style="margin: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:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin: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;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="3" 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;">Telecom Argentina 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>
<td width="50%" colspan="3" 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;">&nbsp;</font></b></p>    </td>   </tr>
<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>
<td width="50%" colspan="3" 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;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="50%" 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;">&nbsp;</font></b></p>    </td>
<td width="50%" colspan="3" 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;">&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>
<td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.84%;">
<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="44%" colspan="2" valign="top" style="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: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;">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September&nbsp;24,   2019</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="44%" colspan="2" 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;/s/ Gabriel P. Blasi</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="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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Name:</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gabriel P. Blasi</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="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:1.0pt;">&nbsp;</font></p>    </td>
<td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Title:</font></p>    </td>
<td width="35%" valign="top" style="padding:0in 0in 0in 0in;width:35.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Responsible for Market Relations</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" 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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
