<SEC-DOCUMENT>0001104659-19-051451.txt : 20190926
<SEC-HEADER>0001104659-19-051451.hdr.sgml : 20190926
<ACCEPTANCE-DATETIME>20190926082537
ACCESSION NUMBER:		0001104659-19-051451
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20190926
FILED AS OF DATE:		20190926
DATE AS OF CHANGE:		20190926

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:		191115614

	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>a19-19095_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>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&nbsp;</font></p>
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<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;">&nbsp;</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;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:2.0pt;font-weight:bold;">&nbsp;</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;"><font size="1" face="Arial" style="font-size:2.0pt;">&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;">Washington, D.C. 20549</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&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="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:8.0pt;">&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;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&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;">Pursuant to Rule&nbsp;13a-16 or 15d-16</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&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;">of the Securities Exchange Act of 1934</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&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 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="4" face="Arial" style="font-size:15.0pt;">&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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="3" face="Arial" style="font-size:12.0pt;">&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 </font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">Argentina S</font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">.</font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">A</font></b><b><font size="5" face="Arial" style="font-size:16.0pt;font-weight:bold;">.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:5.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;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</font></b><b><font face="Arial" style="font-weight:bold;">.</font></b><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;"> 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="1" face="Arial" style="font-size:2.0pt;">&nbsp;</font></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="4" face="Arial" style="font-size:15.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" 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 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="Arial" 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;">Form&nbsp;20-F</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>
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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;">Form&nbsp;40-F</font></p>    </td>
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<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;">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="Arial" 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;">X</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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;">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="Arial" 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;">No</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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>
<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="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<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;"><a name="TableOfContents"></a><font size="3" face="Arial" style="font-size:12.0pt;">TABLE OF CONTENTS</font></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;"><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="Arial" 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="#FREETRANSLATION_023547" title="Click to goto "><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">1.</font></i></b><font size="2" face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><i style="font-weight:bold;">English translation of a letter dated September&nbsp;25, 2019 to the Argentine Securities&nbsp;&amp; Exchange concerning an information request received by the company regarding the Shareholders&#146; Meetings to be held on October&nbsp;10, 2019.</i></b></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">FREE TRANSLATION</font></u></b><a name="FREETRANSLATION_023547"></a></p>    </td>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman"><img border="0" width="105" height="45" src="g190951bei001.jpg"></font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Buenos Aires, September&nbsp;25, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:11.0pt;">Comisi&#243;n Nacional de Valores</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Dear Sirs,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&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:11.0pt;font-style:italic;font-weight:bold;">RE.: Response to FGS &#150; ANSES</font></u></i></b></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:11.0pt;font-style:italic;font-weight:bold;">General Ordinary Shareholders&#146; Meeting and 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 (the &#147;Shareholders&#146; Meetings&#148;).</font></u></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I am writing to you as Attorney-in-Fact of <b>Telecom Argentina S.A.</b> (&#147;Telecom Argentina&#148; or the &#147;Company&#148;), to submit a copy of the information request received from the shareholder FGS &#150; ANSES regarding the Shareholders&#146; Meetings and the response delivered today by the Company to the aforementioned information request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Sincerely,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&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:11.0pt;font-weight:bold;">Telecom Argentina 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:11.0pt;">&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="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:35.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">/s/   Andrea V. Cerd&#225;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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Attorney   in Fact</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 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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="131" height="75" src="g190951bg01i001.gif"></font></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;"><font size="3" face="Arial" style="font-size:12.0pt;">Buenos Aires, September&nbsp;25, 2019.</font></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;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Lic. Miguel J. White</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">a/c de la Direcci&#243;n General del Programa Argenta</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">ANSES</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">S&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; /&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; D</font></u></b></p>
<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><i><u><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Re</font></u></i></b><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">.: Note 5655/19. General Ordinary Shareholders&#146; Meeting and General Extraordinary Shareholders&#146; Meeting and Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings to be held on October&nbsp;10, 2019 (the &#147;Shareholders&#146; Meetings&#148;)</font></u></b><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">.</font></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;">Dear Mr.&nbsp;White,</font></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;text-indent:47.25pt;"><font size="3" face="Arial" style="font-size:12.0pt;">I am writing to you in my capacity as Chairman of the Board of Telecom Argentina S.A. (&#147;Telecom Argentina&#148; or the &#147;Company&#148;), to provide the information you requested in the abovementioned Note.</font></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;">Following the order in which the requirements were stated,&nbsp;I hereby report:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">1</font></b><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" face="Arial" style="font-size:12.0pt;">Below is the shareholding structure of Telecom Argentina as of September&nbsp;19, 2019, in accordance with the Shareholder Registry Book carried by the Company &#150; Class&nbsp;A and Class&nbsp;D shares &#150; and the registry carried by Caja de Valores S.A.- Class&nbsp;B and Class&nbsp;C shares-, considering the capital decreases corresponding to treasury shares (according to the provisions of section 67 of Law 26,831) to date:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr height="41" style="height:30.75pt;">
<td width="24%" height="41" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Shareholder </font></b></p>    </td>
<td width="29%" height="41" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Quantity and Class&nbsp;of Shares</font></b></p>    </td>
<td width="23%" height="41" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Percentage of total<br>   Capital Stock</font></b></p>    </td>
<td width="23%" height="41" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-left:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Percentage of<br>   Votes</font></b></p>    </td>   </tr>
<tr height="31" style="height:23.25pt;">
<td width="24%" height="31" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:23.25pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Cablevisi&#243;n Holding S.A.</font></p>    </td>
<td width="29%" height="31" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.25pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">406,757,183 Class&nbsp;&#147;D&#148; shares</font></p>    </td>
<td width="23%" height="31" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">18.84%</font></p>    </td>
<td width="23%" height="31" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:23.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">18.89%</font></p>    </td>   </tr>
<tr height="21" style="height:15.75pt;">
<td width="24%" height="21" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">VLG S.A.U.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(100% owned by Cablevisi&#243;n Holding S.A.)</font></p>    </td>
<td width="29%" height="21" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">199,732,125 Class&nbsp;&#147;D&#148; shares</font></p>    </td>
<td width="23%" height="21" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">9.25%</font></p>    </td>
<td width="23%" height="21" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">9.27%</font></p>    </td>   </tr>
<tr height="42" style="height:31.25pt;">
<td width="24%" height="42" valign="top" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:31.25pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Fintech Telecom LLC</font></p>    </td>
<td width="29%" height="42" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.25pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">448,679,250 Class&nbsp;&#147;A&#148; shares</font></p>    </td>
<td width="23%" height="42" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">20.78%</font></p>    </td>
<td width="23%" height="42" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:31.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">20.83%</font></p>    </td>   </tr>
<tr height="21" style="height:15.75pt;">
<td width="24%" height="21" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">Trust created on   04-15-2019</font></p>    </td>
<td width="29%" height="21" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">235,177,350 Class&nbsp;&#147;A&#148; shares<br>   235,177,350 Class&nbsp;&#147;D&#148; shares</font></p>    </td>
<td width="23%" height="21" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">21.79%</font></p>    </td>
<td width="23%" height="21" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:15.75pt;padding:0in 0in 0in 0in;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">21.84%</font></p>    </td>   </tr>
<tr height="39" style="height:29.25pt;">
<td width="24%" height="39" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Float (without FGS)<br>   (*)(**)</font></p>    </td>
<td width="29%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">387,124,996 Class&nbsp;&#147;B&#148; shares</font></p>    </td>
<td width="23%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">17.93%</font></p>    </td>
<td width="23%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">17.74%</font></p>    </td>   </tr>
<tr height="39" style="height:29.25pt;">
<td width="24%" height="39" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">FGS</font></p>    </td>
<td width="29%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">246,018,839 Class&nbsp;&#147;B&#148; shares</font></p>    </td>
<td width="23%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">11.40%</font></p>    </td>
<td width="23%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">11.42%</font></p>    </td>   </tr>
<tr height="39" style="height:29.25pt;">
<td width="24%" height="39" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">Class&nbsp;&#147;C&#148; shares</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">(ESOP Residual)</font></p>    </td>
<td width="29%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">210,866 Class&nbsp;&#147;C&#148; shares</font></p>    </td>
<td width="23%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.01%</font></p>    </td>
<td width="23%" height="39" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:29.25pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;">0.01%</font></p>    </td>   </tr>
<tr height="41" style="height:30.75pt;">
<td width="24%" height="41" bgcolor="white" style="background:white;border:solid windowtext 1.0pt;border-top:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:24.12%;">
<p style="margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">Total Shares representing the Capital Stock</font></b></p>    </td>
<td width="29%" height="41" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:29.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">2,158,877,959</font></b></p>    </td>
<td width="23%" height="41" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:23.2%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">100.00%</font></b></p>    </td>
<td width="23%" height="41" bgcolor="white" style="background:white;border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:30.75pt;padding:0in 3.5pt 0in 3.5pt;width:23.18%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:10.0pt;font-weight:bold;">100.00%</font></b></p>    </td>   </tr>  </table>
<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;"><font size="2" face="Arial" style="font-size:10.0pt;">(*) Of this total, 5,189,948 are treasury shares.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">(**) Of this total, 343,088,865 are registered for JPMorgan Chase Bank ADR, which is the depositary of said ADRs and therefore Telecom Argentina does not have a registry of ADR holders.</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;"><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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="131" height="75" src="g190951bg01i001.gif"></font></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 .5in;text-align:justify;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">2.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Annex I</font></b><font size="3" face="Arial" style="font-size:12.0pt;"> includes a copy of the Minutes of Board of Directors Meeting<b> No.&nbsp;387</b> of September&nbsp;9, 2019, in the portion relating to:</font></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 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Arial" style="font-size:12.0pt;">i)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" face="Arial" style="font-size:12.0pt;">The call for the General Ordinary Shareholders&#146; Meeting to be held on October&nbsp;10, 2019, at 11 a.m.&nbsp;on the first call and at 12 p.m.&nbsp;on the second call (the &#147;Ordinary Shareholders&#146; Meeting&#148;) and the proposals put forward by the Board to the Shareholders on each of the items to be considered by the Shareholders&#146; Meeting (published on September&nbsp;10, 2019 on the <i>Autopista de la Informaci&#243;n Financiera</i> (AIF) of the National Securities Commission (CNV) under ID number 2520136); and</font></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 1.0in;text-align:justify;text-indent:-.5in;"><font size="3" face="Arial" style="font-size:12.0pt;">ii)</font><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" face="Arial" style="font-size:12.0pt;">The call for the General Extraordinary Shareholders&#146; Meeting and the Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings, to be held on October&nbsp;10, 2019, at 12.30 (the &#147;Extraordinary and Special Shareholders&#146; Meetings&#148;) and the proposals put forward by the Board to the Shareholders on each of the items to be considered by the Shareholders&#146; Meeting (published on September&nbsp;10, 2019 on the <i>Autopista de la Informaci&#243;n Financiera </i>(AIF) of the National Securities Commission (CNV) under ID number 2520162).</font></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 .5in;text-align:justify;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">3.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="3" face="Arial" style="font-size:12.0pt;">Below is the current composition of the Board of Directors, including both regular and alternate members, indicated the dates on which they were appointed and the term of their office.</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 align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Full Name</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Position </font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Appointed on</font></b></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Arial" style="font-size:9.0pt;font-weight:bold;">Term (*)</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Alejandro Alberto Urricelqui</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Chairman</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Mariano Marcelo Iba&#241;ez</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Vice Chairman</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Sebasti&#225;n Bardengo</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Ignacio Jos&#233; Mar&#237;a S&#225;enz Valiente</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Dami&#225;n Fabio Cassino</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Carlos Alejandro Harrison</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Mart&#237;n H&#233;ctor D&#180;Ambrosio</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Germ&#225;n Horacio Vidal</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Luca Luciani</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Baruki Luis Alberto Gonz&#225;lez</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" color="black" face="Arial" style="color:black;font-size:9.0pt;">Alejo Maxit</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Regular Director</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Mar&#237;a Lucila Romero</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Sebasti&#225;n Ricardo Frabosqui D&#237;az</font></p>    </td>
<td width="19%" 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:19.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Claudia Irene Ostergaard</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Nicol&#225;s Sergio Novoa</font></p>    </td>
<td width="19%" 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:19.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Jos&#233; Carlos Cura</font></p>    </td>
<td width="19%" 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:19.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Miguel &#193;ngel Gra&#241;a</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
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<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Facundo Mart&#237;n Goslino</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Lucrecia Mar&#237;a Delfina   Moreira Savino</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Saturnino Jorge Funes</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Carolina Susana Curzi</font></p>    </td>
<td width="19%" 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:19.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>
<tr>
<td width="35%" valign="top" style="border:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:35.36%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Santiago Luis Ibarz&#225;bal Murphy</font></p>    </td>
<td width="19%" 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:19.1%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">Alternate Director</font></p>    </td>
<td width="16%" 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:16.56%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Arial" style="font-size:9.0pt;">01.31.2018</font></p>    </td>
<td width="28%" 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:28.96%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="1" face="Arial" style="font-size:9.0pt;">3 years from appointment</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><i><font size="2" face="Arial" style="font-size:10.0pt;font-style:italic;">(*) The Directors remain in office until the General Shareholders&#146; Meeting considering the financial statements for fiscal year 2020.</font></i></p>
<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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<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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="131" height="75" src="g190951bg01i001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">4</font></b><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">a) Information on <u>Item 2) of the Ordinary Shareholders&#146; Meeting</u>:</font></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;">In response to your requirement, below is the evolution of the <i>&#147;Voluntary reserve for future cash dividends&#148;</i> and / or the &#147;<i>Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency&#148;:</i></font></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 4.3pt;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">Voluntary reserve for future cash dividends:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;">
<tr height="42" style="height:31.5pt;">
<td width="23%" height="42" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;border:solid windowtext 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;width:23.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Date of reserve<br>   setup</font></b></p>    </td>
<td width="24%" height="42" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;border:solid windowtext 1.0pt;border-left:none;height:31.5pt;padding:0in 0in 0in 0in;width:24.52%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Movements in millions<br>   of pesos</font></b></p>    </td>
<td width="52%" height="42" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;border:solid windowtext 1.0pt;border-left:none;height:31.5pt;padding:0in 0in 0in 0in;width:52.34%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Resolved by</font></b></p>    </td>   </tr>
<tr height="27" style="height:20.2pt;">
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<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Balance as of   December&nbsp;31, 2018</font></b></p>    </td>
<td width="24%" height="27" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:24.52%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">10,984</font></b></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="54" style="height:40.5pt;">
<td width="23%" height="54" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:23.14%;"></td>
<td width="24%" height="54" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:24.52%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">3,300</font></p>    </td>
<td width="52%" height="54" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:52.34%;">
<p style="margin:0in .05in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">Restatement of the initial balance in terms of the   constant currency as of August&nbsp;31, 2019.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">April&nbsp;24, 2019</font></p>    </td>
<td width="24%" height="49" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:36.75pt;padding:0in 0in 0in 0in;width:24.52%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">8,193</font></p>    </td>
<td width="52%" height="49" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:36.75pt;padding:0in 0in 0in 0in;width:52.34%;">
<p style="margin:0in .05in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">According to the Ordinary and Extraordinary   Shareholders&#146; Meeting of April&nbsp;24, 2019, equivalent to $7,045 million,   restated in terms of the constant currency as of August&nbsp;31, 2019.</font></p>    </td>   </tr>
<tr height="50" style="height:37.5pt;">
<td width="23%" height="50" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:37.5pt;padding:0in 0in 0in 0in;width:23.14%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">August&nbsp;16, 2019</font></p>    </td>
<td width="24%" height="50" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:37.5pt;padding:0in 0in 0in 0in;width:24.52%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">- 7,045</font></p>    </td>
<td width="52%" height="50" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:37.5pt;padding:0in 0in 0in 0in;width:52.34%;">
<p style="margin:0in .05in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">Dividend payment of August&nbsp;16, 2019.</font></p>    </td>   </tr>
<tr height="24" style="height:.25in;">
<td width="23%" height="24" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:.25in;padding:0in 0in 0in 0in;width:23.14%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Balance as of   August&nbsp;31, 2019</font></b></p>    </td>
<td width="24%" height="24" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.25in;padding:0in 0in 0in 0in;width:24.52%;">
<p align="right" style="margin:0in .05in .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">15,432</font></b></p>    </td>
<td width="52%" height="24" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:.25in;padding:0in 0in 0in 0in;width:52.34%;">
<p style="margin:0in .05in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">Restated in terms of the constant currency as of   August&nbsp;31, 2019.</font></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 4.3pt;text-align:justify;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;">
<tr height="42" style="height:31.5pt;">
<td width="22%" height="42" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;border:solid windowtext 1.0pt;height:31.5pt;padding:0in 0in 0in 0in;width:22.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Date of reserve<br>   setup</font></b></p>    </td>
<td width="24%" height="42" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;border:solid windowtext 1.0pt;border-left:none;height:31.5pt;padding:0in 0in 0in 0in;width:24.2%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Movements in pesos<br>   (millions)</font></b></p>    </td>
<td width="53%" height="42" valign="top" bgcolor="#E0E0E0" style="background:#E0E0E0;border:solid windowtext 1.0pt;border-left:none;height:31.5pt;padding:0in 0in 0in 0in;width:53.06%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Resolved by</font></b></p>    </td>   </tr>
<tr height="27" style="height:20.2pt;">
<td width="22%" height="27" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:22.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Balance as of   December&nbsp;31, 2018</font></b></p>    </td>
<td width="24%" height="27" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:24.2%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">11,331</font></b></p>    </td>
<td width="53%" height="27" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="27" style="height:20.2pt;">
<td width="22%" height="27" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:22.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="24%" height="27" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:24.2%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">3,405</font></p>    </td>
<td width="53%" height="27" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:20.2pt;padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in 0in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">Restatement of the initial balance in terms of the   constant currency as of August&nbsp;31, 2019.</font></p>    </td>   </tr>
<tr height="54" style="height:40.5pt;">
<td width="22%" height="54" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:22.74%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">April&nbsp;24, 2019</font></p>    </td>
<td width="24%" height="54" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:24.2%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">19,141</font></p>    </td>
<td width="53%" height="54" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in .05in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">According to the Ordinary and Extraordinary   Shareholders&#146; Meeting of April&nbsp;24, 2019, equivalent to $16,460 million,   restated in terms of the constant currency as of August&nbsp;31, 2019.</font></p>    </td>   </tr>
<tr height="54" style="height:40.5pt;">
<td width="22%" height="54" valign="top" style="border:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:22.74%;">
<p style="margin:0in 0in .0001pt 4.3pt;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">Balance as of   August&nbsp;31,&nbsp;2019</font></b></p>    </td>
<td width="24%" height="54" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:24.2%;">
<p align="right" style="margin:0in .1in .0001pt 0in;text-align:right;"><b><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;font-weight:bold;">33,877</font></b></p>    </td>
<td width="53%" height="54" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;height:40.5pt;padding:0in 0in 0in 0in;width:53.06%;">
<p style="margin:0in .05in .0001pt;"><font size="2" color="black" face="Arial" style="color:black;font-size:11.0pt;">Restated in terms of the constant currency as of   August&nbsp;31, 2019.</font></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">As stated in item 2) of the Agenda, it is being submitted for the consideration of the Ordinary Shareholders&#146; Meeting that it should be the Shareholders&#146; Meeting that must decide on that same occasion the total or partial reversal of the <i>&#147;Voluntary reserve for future cash dividends&#148; </i>and / or the <i>&#147;Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency&#148;</i> and the distribution of cash dividends.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">If it does not resolve in this manner or concomitantly, the Shareholders&#146; Meeting may also consider it convenient to delegate powers to the Board of Directors so that, in a future Board of Directors&#146; Meeting, the Board of Directors&#146; may decide on said reversal and the distribution of dividends.</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;"><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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="131" height="75" src="g190951bg01i001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">In this regard, the controlling shareholder of the Company, Cablevisi&#243;n Holding S.A., has expressed to us that it would be its intention to propose a cash dividend payment of US$300,000,000. For that purpose, it would propose to the shareholders to withdraw the amounts necessary to cover the aforementioned amount, firstly from the <b><i style="font-weight:bold;">&#147;Voluntary reserve for future cash dividends&#148; </i></b>(which amounts, in constant currency as of August&nbsp;31, 2019 to P$15,431,534,497.59), and in the case that said Reserve would not have been sufficient, from the <b><i style="font-weight:bold;">&#147;Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency&#148;</i></b> (for these purposes and as of today, the amount to be withdrawn from the &#147;Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency&#148; would be&#160; approximately around 5% of this latter Reserve in constant currency as of August&nbsp;31, 2019).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">In this connection, in accordance with the data on the Company&#146;s financial statements as of June&nbsp;30, 2019 and the projected cash flows, the Company&#146;s cash, financial and economic situation would enable making this dividend payment, if the Shareholders&#146; Meeting so decides.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">This dividend distribution proposal made by the controlling shareholder is consistent with the following criteria that the Company has been applying: i) Maintain and ensure adequate compensation of all our funding sources, both in terms of debt and capital; ii) Develop its investment plan with third party financing lines and debt issuance, keeping a certain leverage ratio; iii) Manage the liquidity level that is most convenient for the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Furthermore, we report that the Company does not have any restriction on the distribution of dividends.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt .5in;text-align:justify;text-indent:-.25in;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">4.</font></b><font size="1" face="Arial" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">b) Information on <u>Item 2) of the Extraordinary and Special Shareholders&#146; Meetings</u>:</font></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;">Regarding the proposal to amend sections Four, Five and Six of the Bylaws, whose treatment has been requested by shareholder Fintech Telecom LLC, we report that, since there were no observations from the CNV, the proposed text was submitted for publication in the Daily Gazette of the Stock Exchange on September&nbsp;24, 2019. Said text is included in </font><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Annex II</font></b><font size="3" face="Arial" style="font-size:12.0pt;">.</font></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 Board of Directors&#180; has proposed to authorize attorneys Andrea Viviana Cerd&#225;n, Alejandra Lea Mart&#237;nez, Graciela Matilde Lazzati, Mar&#237;a Ver&#243;nica Tuccio, Mar&#237;a Lucila Romero, Eugenia Prieri Belmonte, Mart&#237;n Guillermo R&#237;os, Lucrecia Mar&#237;a Delfina Moreira Savino, and Delfina Lynch, so that any of them acting indistinctly, may perform all the procedures and formalities required to obtain the approval and registration of the amendment of the Corporate Bylaws.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">The documents in the <b>Annexes</b> to this memo have been signed and initialed by Andrea Cerdan, the Company&#146;s legal representative, with sufficient powers to that end.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">It is stated that this response, together with its requirement, will be made available to the general public at CNV&#146;s <i>Autopista de la Informaci&#243;n Financiera</i> (AIF) and the Buenos Aires Stock Exchange.</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;"><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>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Arial"><img border="0" width="131" height="75" src="g190951bg01i001.gif"></font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Yours sincerely,</font></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></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;"><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="3" face="Arial" style="font-size:12.0pt;">/s/ Alejandro A. Urricelqui</font></p>    </td>
<td width="45%" valign="top" style="padding:0in 0in 0in 0in;width:45.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">For and on behalf of Telecom Argentina S.A.</font></b></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Alejandro A. Urricelqui</font></b></p>
<p style="background:white;margin:0in 0in .0001pt;text-align:justify;"><b><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">Chairman of the Board of Directors</font></b></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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#TableOfContents" title="Click to go to Table of Contents">Table of Contents</a></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Note 5655/19</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">ANSES</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 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Buenos Aires, September&nbsp;18, 2019</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">Re.: <u>General Ordinary Meeting and General Extraordinary Meeting and Special Meetings of Class&nbsp;&#147;A&#148; Shares and Class&nbsp;&#147;D&#148; Shares to be held on October&nbsp;10, 2019 (the &#147;Meetings&#148;)</u>.</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">To the Chairman,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">I am writing to you regarding the General Ordinary Meeting and General Extraordinary Meeting and Special Meetings of Class&nbsp;&#147;A&#148; and &#147;D&#148; Shareholders of Telecom Argentina S.A. to be held on October&nbsp;10, 2019 at 11 am on the first call and at 12 pm on the second call (General Ordinary Meeting) and at 12.30 pm (Extraordinary and Special Meetings), at Av. Alicia Moreau de Justo 50, PB, Buenos Aires City.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">In order to safeguard the right to information vested in us as a shareholder and to enable us to properly exercise our political rights, please answer this request no less than fifteen (15) days prior to the Meeting, in accordance with the analogous application of article 67 of the General Corporations Law No.&nbsp;19,550.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">For that purpose, we request the following information, signed by the legal representative or a duly authorized person:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.55pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Detailed shareholding structure as of the date hereof (please do not include the shareholder registry of <i>Caja de Valores</i>, but a summary table specifying the percentages corresponding to the controlling shareholder and the float, per class of share, total number of votes and total amount of shares).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.55pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">A signed copy of the Board of Directors Meeting Minutes calling for the Extraordinary Meeting of the Shareholders.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.55pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">The current composition of the Board of Directors (regular and alternate members) with the dates on which they were appointed, and specifying their terms of office.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 60.55pt;text-align:justify;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:11.0pt;">Regarding the following items on the agenda, our requests are listed below:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 81.8pt;text-align:justify;text-indent:-.25in;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">a.</font></i></b><b><i><font size="1" style="font-size:3.0pt;font-style:italic;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></i></b><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">(Ordinary Meeting: item 2) </font></i></b><b><i><font size="2" color="black" style="background:white;color:black;font-size:11.0pt;font-style:italic;font-weight:bold;">Consideration of the total or partial withdrawal of the &#147;Voluntary Reserve for Future Cash Dividends&#148; and/or of the &#147;Voluntary Reserve to maintain the Company&#146;s level of investments in capital assets and the current level of solvency&#148; and to allocate the funds from those withdrawals to the distribution of cash dividends and/or to delegate to the Board of Directors the powers to release, totally or partially, the aforementioned Reserves and to distribute the withdrawn funds as cash dividends, in the amounts and dates to be determined by the Board of Directors.</font></i></b><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">&#148;</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 85.05pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Provide the detailed evolution of (i)&nbsp;the </font><font size="2" color="black" style="background:white;color:black;font-size:11.0pt;">Voluntary Reserve for Future Cash Dividends</font><font size="2" style="font-size:11.0pt;">(ii)&nbsp;the </font><font size="2" color="black" style="background:white;color:black;font-size:11.0pt;">Voluntary Reserve to maintain the Company&#146;s level of investments in capital assets and the current level of solvency</font><font size="2" style="font-size:11.0pt;">. Specify the current composition of said Reserves, the dates on which they were set up and the last movements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 85.05pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Additionally, in accordance with the items considered in previous Meetings, report and specify the maximum amounts and terms for the proposed delegation to the Board so that it may decide to withdraw said Reserves, and specify who will be delegated such powers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 85.05pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Furthermore, report the rationale for this proposal, and provide any other information that is relevant on this matter, for evaluating its convenience.&#160; Finally, indicate if the Company has any restriction on dividend distribution that is effective at the time of this Meeting.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 85.05pt;text-align:justify;"><b><i><font size="2" face="Times New Roman" style="font-size:11.0pt;font-style:italic;font-weight:bold;">b. (Extraordinary Meeting: item 2) </font></i></b><b><i><font size="2" color="black" style="background:white;color:black;font-size:11.0pt;font-style:italic;font-weight:bold;">Amendment of sections 4, 5&nbsp;and 6&nbsp;of the Corporate Bylaws. Appointment of the persons that will be in charge of carrying out the procedures related to the approval and registration of the amendments</font></i></b><b><i><font size="2" style="font-size:11.0pt;font-style:italic;font-weight:bold;">.</font></i></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 85.05pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Provide information on the proposed amendment of the abovementioned articles and the reasons for such proposal, with all relevant information on this item on the agenda.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 85.05pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Furthermore, please provide the names of the persons proposed to carry out the abovementioned tasks, as well as a brief description of their position in the Company.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Note: The documentation should be sent to Tucuman 500, Floor 2, Buenos Aires (Sustainability Guarantee Fund &#150; ANSES).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Any documents that are not duly signed by the legal representative or an authorized person will not be accepted.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">This letter has been issued under the terms and with the powers granted to the Sustainability Guarantee Fund of the Integrated Social Security System of Argentina (ANSES) by Law No.&nbsp;27,260 and its regulatory Decree No.&nbsp;894/16, which includes the power to request information and access the books and documents of the Companies, make communications regarding attendance to Ordinary, Extraordinary and Special Meetings, and any other communications required to exercise shareholding rights, among other competences and powers.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Yours sincerely,</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt 42.55pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">Signed and sealed: Lic. Miguel Jose Mitre, General Management &#150; Argenta Program ANSES</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNEX I</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;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">FREE TRANSLATION</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;"><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;">MINUTES OF BOARD OF DIRECTORS&#146; MEETING No.&nbsp;387</font></u></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;">(Relevant Part)</font></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;"><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;">In the city of Buenos Aires, on this 9th day of September&nbsp;of the year 2019, at 6:30 p.m., the undersigning Directors and Supervisory Committee Members of <b>TELECOM ARGENTINA S.A. </b>(&#147;<u>Telecom Argentina</u>&#148; or the &#147;<u>Company</u>&#148;) meet at the corporate registered offices located at Alicia Moreau de Justo No.&nbsp;50. Alternate director Mar&#237;a Lucila Romero participates with no vote. CFO, Mr.&nbsp;Gabriel P. Blasi; Administration Manager, Mr.&nbsp;Federico Pra; and Corporate Affairs Manager, Mrs.&nbsp;Andrea V. Cerd&#225;n, also attend the meeting.</font></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;">Pursuant to the provisions of section 10 of the Company&#180;s Bylaws, director Luca Luciani, paticipates by remote attendance of this meeting, connected via videoteleconference with the other directors and supervisory committee members, and is considered for the purpose of establishing a quorum as provided by the aforementioned Bylaws&#146; section.</font></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 meeting is chaired over by the Chairman of the Board of Directors, Mr.&nbsp;Alejandro Urricelqui who, after verifying that there is a quorum, submits the following matters to be considered by those in attendance:</font></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;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">I. CALL TO ORDINARY GENERAL SHAREHOLDERS&#146; MEETING.</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 Chairman of the Board of Directors says that according to the second quarter Financial Statements ended on June&nbsp;30, 2019, the </font><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">&#147;Voluntary reserve for future cash dividends&#148;</font></u></b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;"> amounted in constant currency as of that date to <b>$21,157 million.</b></font></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;">Afterwards, in exercise of the powers delegated by the Ordinary and Extraordinary Shareholders&#180; Meeting dated April&nbsp;24, 2019, the Board of Directors at its meeting No.&nbsp;386 dated August&nbsp;8, 2019, decided to withdraw $7,045 million of the </font><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&#147;Voluntary Reserve for Future Cash Dividends&#148; which were distributed as cash dividends and which were made available to shareholders on August&nbsp;16, 2019.</font></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 Company has also allocated funds in previous fiscal years to a </font><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">&#147;Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency&#148; </font></u></b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">which </font><font size="3" face="Arial" style="font-size:12.0pt;">according to the second quarter Financial Statements ended on June&nbsp;3, 2019, amounted </font><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">as of that date to $31,888 million in constant currency.</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;"><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 Chairman of the Board informs that on September&nbsp;5, 2019 the Company received from the </font><font size="3" face="Arial" style="font-size:12.0pt;">controlling shareholder Cablevisi&#243;n Holding S.A. a letter requesting that a General Ordinary Shareholders&#180; Meeting be summoned, in order for the shareholders to consider the </font><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">total or partial withdrawal of the &#147;Voluntary reserve for future cash dividends&#148; and/or of the &#147;Voluntary reserve to maintain the company&#146;s level of investments in capital assets and the current level of solvency&#148; and to allocate the funds from those withdrawals to the distribution of cash dividends and/or to delegate to the Board of Directors the powers to withdraw, totally or partially, the aforementioned Reserves and to distribute the withdrawn funds as cash dividends, in the amounts and dates to be determined by the Board of Directors.</font></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;">Regarding this matter, the Chairman of the Board explains that <i>Comision Nacional de Valores</i>&#146; General Resolution Number 777/2018 established regarding earnings distribution, that<i> &#147;earnings distribution shall be considered in the currency as of the Shareholders&#180; Meeting date using the price index corresponding to the previous month of said Meeting&#148;.</i> Therefore, the Shareholders&#180; Meeting to be summoned shall consider the amount to be withdrawn from the aforementioned Reserves according to applicable law.</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">After deliberation, the directors resolve by <b>unanimity</b> to summon to an <b>Ordinary General Shareholders&#146; Meeting</b> to be held on&nbsp;<b>October&nbsp;10, 2019, at 11 a.m.&nbsp;on first call, and at 12 p.m.&nbsp;on second call</b>, at the corporate offices at Ave. Alicia Moreau de Justo N&#176; 50, City of Buenos Aires, in order to consider the following items:</font></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;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">AGENDA</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 38.5pt;text-align:justify;text-indent:-20.5pt;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment of two shareholders to sign the Minutes of the Meeting.</font></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 38.5pt;text-align:justify;text-indent:-20.5pt;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consideration of the total or partial withdrawal of the &#147;Voluntary Reserve for Future Cash Dividends&#148; and/or of the &#147;Voluntary Reserve to maintain the Company&#146;s level of investments in capital assets and the current level of solvency&#148; and to allocate the funds from those withdrawals to the distribution of cash dividends and/or to delegate to the Board of Directors the powers to release, totally or partially, the aforementioned Reserves and to distribute the withdrawn funds as cash dividends, in the amounts and dates to be determined by the Board of Directors.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">THE BOARD OF DIRECTORS</font></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;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 1:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;To be able to attend the Shareholders&#146; Meeting, the holders of Class&nbsp;B and Class&nbsp;C shares must deposit the book-entry shareholding certificates issued for that purpose by &#145;Caja de Valores S.A.&#146;, no later than three business days prior to the date of the Shareholders&#146; Meeting, at Ave. Alicia Moreau de Justo No.&nbsp;50, 13th floor, City of Buenos Aires, from 10 a.m.&nbsp;to 12 p.m.&nbsp;and from 3 p.m.&nbsp;to 5 p.m.&nbsp;Within the same term and timetable, the holders of book-entry shares Class&nbsp;A and D must notify their attendance to the Meeting. The deadline is&nbsp;October&nbsp;4, 2019, at 5 p.m.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 2:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Within the regulatory term and at the place and time stated in Note 1, hard copies of the documents related to the Shareholders&#180; Meeting may be obtained, likewise such documents will be available at Telecom Argentina&#146;s website:&nbsp;www.telecom.com.ar.</font></i></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;"><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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 3:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Pursuant to the provisions set forth in section 22 of Chapter II, Title II of the CNV Rules, at the time of registration to take part in the Shareholders&#146; Meeting and at the time of attending the Shareholders&#146; Meeting, shareholders must supply all the details of the holders and their representatives. Legal entities and other legal structures must provide the information and deliver the documentation as required by the CNV Rules&nbsp;in sections 24, 25 and 26 of Chapter II, Title II.</font></i></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 4:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Those registered to participate in the Shareholders&#146; Meeting as custodians or administrators of any third party shareholdings are reminded of the need to fulfill the requirements of section 9, Chapter II, Title II of the CNV Rules, to be able to cast a vote in</font></i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&nbsp;<i>a divergent manner.</i></font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 5:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Shareholders are requested to be present at least 15 minutes prior to the scheduled time of the Shareholders&#146; Meeting in order to validate their proxies and sign the Attendance Book.</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">II. PROPOSALS OF THE BOARD OF DIRECTORS TO THE ORDINARY GENERAL SHAREHOLDERS&#146; MEETING.</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 Chairman of the Board of Directors explains that section 70 of Law No 26,831 requires that the Board of Directors must make available to shareholders the relevant information related to the meeting and the proposals of the Board with 20 calendar days anticipation before a Shareholders&#180; Meeting. These proposals allow ADR holders to give voting instructions to the Program Administrator. Therefore, the Board must make the proposals it deems convenient regarding the items of the Shareholders&#180; Meeting Agenda.</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">After deliberation, the directors resolve by <b>unanimity</b> to</font><font size="3" face="Arial" style="font-size:12.0pt;"> make the following proposals to the Shareholders&#180; Meeting:</font></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;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">Proposal for the First Item on the Agenda</font></u></b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">:</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">The proposal to the Shareholders&#146; Meeting is &#147;<b><i style="font-weight:bold;">that the shareholders appoint those persons that will sign the Minutes</i></b>&#148;.</font></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;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">Proposal for the Second Item on the Agenda</font></u></b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">:</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">The proposal of the Board of Directors is the following:&nbsp;<b>&#147;<i>It is proposed that the shareholders, within the framework of the Shareholders&#146; Meeting, resolve upon the withdrawal and/or delegation of powers to release the Reserves mentioned in the Agenda and their distribution as cash dividends&#148;.</i></b></font></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;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">III. CALL TO GENERAL EXTRAORDINARY SHAREHOLDERS&#146; MEETING AND CLASS&nbsp;&#147;A&#148; AND CLASS&nbsp;&#147;D&#148; SHARES SPECIAL SHAREHOLDERS&#146; MEETINGS.</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 Chairman of the Board further informs that the Company received from the shareholder Fintech Telecom LLC a letter requesting </font><font size="3" face="Arial" style="font-size:12.0pt;">that a General Extraordinary</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;"><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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">Shareholders&#180; Meeting be summoned to consider the </font><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">amendment </font><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">of sections 4th, 5th&nbsp;and 6th&nbsp;of the Corporate Bylaws, so that Class&nbsp;&#147;A&#148; shares, which are currently book-entry shares, may be certified shares in accordance with applicable law. </font><font size="3" face="Arial" style="font-size:12.0pt;">Cablevisi&#243;n Holding S.A. sent a letter with that purpose, proposing the same Corporate Bylaws amendment regarding Class&nbsp;&#147;D&#148; shares.</font></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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Arial" style="font-size:12.0pt;">&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;.</font></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;">As established by section 4 of the Corporate Bylaws, the amendment of Corporate Bylaws requires the approval of Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings.</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">After deliberation, the directors resolve by <b>unanimity </b>to approve the Corporate Bylaw&#180;s amendment proposal presented by the Chairman.</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">After deliberation, the directors resolve by <b>unanimity</b> to summon to a <b>General Extraordinary Shareholders&#146; Meeting and to Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings</b> to be held on <b>October&nbsp;10, 2019 at 12:30 p.m.</b>, at the corporate offices at Ave. Alicia Moreau de Justo N&#176; 50, City of Buenos Aires, in order to consider the following items:</font></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;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">AGENDA</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 38.5pt;text-align:justify;text-indent:-20.5pt;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment of two shareholders to sign the Minutes of the Meeting.</font></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 38.5pt;text-align:justify;text-indent:-20.5pt;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment of sections 4th, 5th&nbsp;and 6th&nbsp;of the Corporate Bylaws. Appointment of those persons that will be in charge of carrying out the procedures related to the approval and registration of the amendments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt 35.4pt;text-align:right;text-indent:-35.4pt;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">THE BOARD OF DIRECTORS</font></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;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 1:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Item 2 on the Agenda will be addressed in first place in the Class&nbsp;&#147;A&#148; and Class&nbsp;&#147;D&#148; Shares Special Shareholders&#146; Meetings and then in the General Extraordinary Shareholders&#146; Meeting.</font></i></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;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 2:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;To be able to attend the Shareholders&#146; Meeting, the holders of Class&nbsp;B and Class&nbsp;C shares must deposit the book-entry shareholding certificates issued for that purpose by &#145;Caja de Valores S.A.&#146;, no later than three business days prior to the date of the Shareholders&#146; Meeting, at Ave. Alicia Moreau de Justo No.&nbsp;50, 13th floor, City of Buenos Aires, from 10 a.m.&nbsp;to 12 p.m.&nbsp;and from 3 p.m.&nbsp;to 5 p.m.&nbsp;Within the same term and timetable, the holders of book-entry shares Class&nbsp;A and D must notify their attendance to the Meetings. The deadline is&nbsp;October&nbsp;4, 2019 at 5 p.m.</font></i></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;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 3:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Within the regulatory term and at the place and time stated in Note 2, hard copies of the documents related to the Shareholders&#180; Meeting may be obtained, likewise such documents will be available at Telecom Argentina&#146;s website: www.telecom.com.ar.</font></i></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;"><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>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 4:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Pursuant to the provisions set forth in section 22 of Chapter II, Title II of the CNV Rules, at the time of registration to take part in the Shareholders&#146; Meeting and at the time of attending the Shareholders&#146; Meeting, shareholders must supply all the details of the holders and their representatives. Legal entities and other legal structures must provide the information and deliver the documentation as required by the CNV Rules&nbsp;in sections 24, 25 and 26 of Chapter II, Title II.</font></i></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;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 5:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Those registered to participate in the Shareholders&#146; Meeting as custodians or administrators of any third party shareholdings are reminded of the need to fulfill the requirements of section 9, Chapter II, Title II of the CNV Rules, to be able to cast a vote in a divergent manner.</font></i></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;"><b><i><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;font-weight:bold;">Note 6:</font></u></i></b><i><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-style:italic;">&nbsp;Shareholders are requested to be present at least 15 minutes prior to the scheduled time of the Shareholders&#146; Meeting in order to validate their proxies and sign the Attendance Book.</font></i></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;"><font size="2" face="Arial" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="3" face="Arial" style="font-size:12.0pt;font-weight:bold;">IV. PROPOSALS OF THE BOARD OF DIRECTORS TO THE GENERAL EXTRAORDINARY SHAREHOLDERS&#146; MEETING AND CLASS&nbsp;&#147;A&#148; AND CLASS&nbsp;&#147;D&#148; SHARES SPECIAL SHAREHOLDERS&#146; MEETINGS.</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;">After deliberation, the Board of Directors approve by <b>unanimity</b> the following proposals to the Shareholders&#146; Meeting:</font></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;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">Proposal for the First Item on the Agenda</font></u></b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">:</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">The proposal to the Shareholders&#146; Meeting is &#147;<b><i style="font-weight:bold;">that the shareholders appoint those persons that will sign the Minutes</i></b>&#148;</font></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;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">Proposal for the Second Item on the Agenda</font></u></b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">:</font></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" color="black" face="Arial" style="color:black;font-size:12.0pt;">The proposal of the Board of Directors is the following:&nbsp;<b>&#147;<i>It is proposed: i) that the shareholders, within the framework of the Shareholders&#146; Meeting, approve the proposal of amendment of the Corporate Bylaws as resolved by the Board of Directors, with the modifications that the Comisi&#243;n Nacional de Valores may require; ii) to delegate powers to the Board of Directors to determine the time, form and terms and conditions of issuance of securities representing certified shares, in the event that the respective Special Shareholders&#146; Meetings determines so, and iii) to authorize attorneys Andrea Viviana Cerd&#225;n, Alejandra Lea Mart&#237;nez, Graciela Matilde Lazzati, Mar&#237;a Ver&#243;nica Tuccio, Mar&#237;a Lucila Romero, Eugenia Prieri Belmonte, Mart&#237;n Guillermo R&#237;os, Lucrecia Mar&#237;a Delfina Moreira Savino, and Delfina Lynch, so that any of them acting indistinctly, may perform all the procedures and formalities required to obtain the approval and registration of the amendment of the Corporate Bylaws&#148;.</i></b></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;">&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;&#133;..</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">The Supervisory Committee members attending the meeting state that director Luca Luciani has paticipated by distance attendance of this meeting, connected via videoteleconference, and that he has voted with due regularity all the items of the agenda of this meeting. Supervisory Committee members also state the regularity of the decisions reached at this meeting.</font></p>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">There being no further matters to discuss, the meeting is adjourned at 7:30 p.m., upon reading and approval hereof by the undersigned Directors and Supervisory Committee members.</font></p>
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<p style="margin:0in 0in .0001pt;"><u><font size="3" face="Arial" style="font-size:12.0pt;">Signed:</font></u><font size="3" face="Arial" style="font-size:12.0pt;">  <i><u style="font-style:italic;">Directors</u>: <b>Mr.&nbsp;Alejandro A. Urricelqui; Mr.&nbsp;Mariano M. Ib&#225;&#241;ez; Mr.&nbsp;Sebasti&#225;n Bardengo; Mr.&nbsp;Ignacio J.M. S&#225;enz Valiente; Mr.&nbsp;Dami&#225;n Cassino; Mr.&nbsp;Carlos A. Harrison; Mr.&nbsp;Mart&#237;n H. D&#180;Ambrosio; Mr.&nbsp;Germ&#225;n H. Vidal; Mr.&nbsp;Baruki L. A. Gonz&#225;lez; Mr.&nbsp;Alejo Maxit; Mr.&nbsp;Luca Luciani (by videoteleconference)</b></i></font><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">.- </font></i></b><i><u><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;">Supervisory Committee Members:</font></u></i><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;"> Mr.&nbsp;Pablo A. Buey Fern&#225;ndez; </font></i></b><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Mr.&nbsp;</font></i></b><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Pablo G. San Mart&#237;n; </font></i></b><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Mr.&nbsp;</font></i></b><b><i><font size="3" face="Arial" style="font-size:12.0pt;font-style:italic;font-weight:bold;">Eduardo J. Villegas Contte; Mrs.&nbsp;Mar&#237;a Ximena Dig&#243;n.-</font></i></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><u><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">ANNEX II</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;">&nbsp;</font></p>
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<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 OF THE CORPORATE BYLAWS</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;">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>
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<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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">AMENDED TEXT</font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">Section&nbsp;Four</font></u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">: 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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">Section&nbsp;Four</font></u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">: 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;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">The capital stock is represented by   Class&nbsp;&#147;A&#148;, &#147;B&#148;, &#147;C&#148; and &#147;D&#148; common shares, with nominal value of ONE   PESO each and entitled to one vote per share.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><b><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;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;text-align:justify;"><b><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 </font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&#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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 </font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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>
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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 </font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 2.15pt .0001pt 0in;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">CURRENT TEXT</font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">Section&nbsp;Five</font></u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">: 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; 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</font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">Section&nbsp;Five</font></u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">: 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 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 </font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">redemption,   at the option of the company and under the terms established upon their   issue.</font></p>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 </font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">early   redemption, at the option of the company and under the terms established upon   their issue.</font></p>
<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">&nbsp;</font></p>
<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 </font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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 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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">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   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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><font size="3" face="Arial" style="font-size:12.0pt;">CURRENT TEXT</font></p>    </td>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">Section&nbsp;Six</font></u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">: 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>
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<p style="margin:0in 2.15pt .0001pt 0in;text-align:justify;"><u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">Section&nbsp;Six</font></u><font size="3" color="black" face="Arial" style="color:black;font-size:12.0pt;">: 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>
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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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURES</font></p>
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<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>
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<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<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="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
<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>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<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="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
<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="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<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="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
<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="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<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="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
<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="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<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="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<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="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.76%;">
<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="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;26, 2019</font></p>    </td>
<td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.08%;">
<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="43%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Gabriel P. Blasi</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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:3.08%;">
<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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.08%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>    </td>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.34%;">
<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="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.76%;">
<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:3.08%;">
<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="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.08%;">
<p style="margin:0in 0in .0001pt .05in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>    </td>
<td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.34%;">
<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="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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
