<SEC-DOCUMENT>0001104659-20-081877.txt : 20200708
<SEC-HEADER>0001104659-20-081877.hdr.sgml : 20200708
<ACCEPTANCE-DATETIME>20200708060203
ACCESSION NUMBER:		0001104659-20-081877
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200707
FILED AS OF DATE:		20200708
DATE AS OF CHANGE:		20200708

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:		201017228

	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>tm2024334d1_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: black 3.5pt solid; border-bottom: black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 18pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

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

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule 13a-16 or 15d-16</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the month of July 2020</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-13464</P>

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

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

<P STYLE="font: 16pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Alicia Moreau de Justo, No. 50, 1107</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Buenos Aires, Argentina</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
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    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
</TD></TR>
</TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
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    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
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</TD>
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    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse">
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    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
</TD>
    <TD STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%">
        <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid">X</P></TD></TR>
</TABLE>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

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

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

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

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

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

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="#a_001"><FONT STYLE="font-size: 11pt"><B><I>1.</I></B></FONT></A></TD><TD STYLE="text-align: justify"><A HREF="#a_001"><FONT STYLE="font-size: 11pt"><B><I><U>Press Release dated July 7, 2020 announcing the Commencement
of the Exchange Offer and Consent Solicitation Relating to its 6.500% Notes due 2021.</U></I></B></FONT></A></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><A NAME="a_001"></A>Telecom Argentina S.A. Announces the
Commencement of the Exchange Offer and Consent Solicitation Relating to its 6.500% Notes due 2021.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">July 7, 2020&mdash; Buenos Aires, Argentina</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telecom Argentina S.A.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exchange Offer to Exchange, Any and
All of its Outstanding</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>6.500% Notes due June 15, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Nos. 12686NAT2 and P19157AR0;
ISIN Nos. US12686NAT28 and USP19157AR03); </B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Solicitation of Proxies to Vote in Favor
of Amendments in Respect of the Indenture Governing the 6.500% Notes due June 15, 2021 (the &ldquo;Exchange Offer and Consent Solicitation&rdquo;).</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Telecom Argentina S.A.
(&ldquo;<U>Telecom</U>&rdquo; or the &ldquo;<U>Company</U>&rdquo;) hereby announces the commencement of (i) its offer to exchange
(the &ldquo;<U>Exchange Offer</U>&rdquo;) any and all of the outstanding 6.500% Notes due June 15, 2021 (the &ldquo;<U>Old Notes</U>&rdquo;)
for newly issued 8.500% Senior Amortizing Notes due 2025 of Telecom (the &ldquo;<U>New Notes</U>&rdquo;) and Cash Consideration
(as defined below) and (ii) its solicitation of consents (the &ldquo;<U>Consent Solicitation</U>&rdquo;) to vote in favor of certain
amendments in respect of the indenture governing the Old Notes and the Old Notes (the &ldquo;<U>Proposed Amendments</U>&rdquo;),
each upon the terms and subject to the conditions set forth in the offering memorandum (the &ldquo;<U>Exchange Offer and Consent
Solicitation Memorandum</U>&rdquo;), dated July 7, 2020, the related eligibility letter (the &ldquo;<U>Eligibility Letter</U>&rdquo;),
the related proxies to vote in favor of the Proposed Amendments (the &ldquo;<U>Proxy Documents</U>&rdquo;) and, where applicable,
the related Letter of Transmittal, as defined below (together the &ldquo;<U>Exchange Offer and Consent Solicitation Documents</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Only holders who
have returned a duly completed Eligibility Letter certifying that they are (1) &ldquo;qualified institutional buyers&rdquo; (&ldquo;<U>QIBs</U>&rdquo;)
as defined in Rule 144A under the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), (2) holders of
Old Notes other than &ldquo;U.S. persons&rdquo; (as defined in Rule 902 under the Securities Act) who are located outside of the
United States, who are qualified offerees in other jurisdictions and who are not Argentine Entity Offerees (as defined in the Eligibility
Letter) or Non-Cooperating Jurisdiction Offerees (as defined in the Eligibility Letter), (3) &ldquo;non-U.S. persons&rdquo; who
are Argentine Entity Offerees, (4) &ldquo;non-U.S. persons&rdquo; who are Non-Cooperating Jurisdictions Offerees, or (5) &ldquo;non-U.S.
persons&rdquo; who are Eligible Canadian Holders (as defined in the Eligibility Letter), are authorized to receive the Exchange
Offer and Consent Solicitation Memorandum and to participate in the Exchange Offer and Consent Solicitation (such holders, &ldquo;<U>Eligible
Holders</U>&rdquo;); <I>provided that</I> Argentine Entity Offerees and Non-Cooperating Jurisdiction Offerees may not participate
in the Exchange Offer and Consent Solicitation unless they also complete, sign and submit a letter of transmittal in the form attached
as Annex A to the Offering Memorandum (the &ldquo;<U>Letter of Transmittal</U>&rdquo;) to the Exchange Agent. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Argentine Entity Offerees
and Non-Cooperating Jurisdiction Offerees are subject to certain tax withholdings in respect of interest collected on, and gains
or losses resulting from the tendering of the Old Notes. See &ldquo;Taxation&mdash;Certain Argentine Tax Considerations&rdquo;
in the Exchange Offer and Consent Solicitation Memorandum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the terms and
subject to the conditions set forth in the Exchange Offer and Consent Solicitation Documents, Eligible Holders who validly tender
Old Notes and deliver their Proxy Documents at or prior to the Early Participation Date, and whose Old Notes are accepted for exchange
by us, will receive, for each $1,000 principal amount of Old Notes so tendered, a principal amount of New Notes set forth in the
table below under the heading &ldquo;Principal Amount of New Notes&rdquo; (the &ldquo;<U>New Notes Consideration</U>&rdquo;) plus
an amount of cash set forth in the table below under the heading &ldquo;Early Cash Consideration&rdquo; (the &ldquo;Early <U>Cash
Consideration</U>&rdquo; and, together with the New Notes Consideration, the &ldquo;<U>Early Participation Payment</U>&rdquo;).
Eligible Holders who validly tender Old Notes and deliver the Proxy Documents after the Early Participation Date, but on or prior
to the Expiration Date, and whose Old Notes are accepted for exchange by us, will be eligible to receive, for each $1,000 principal
amount of Old Notes so tendered, the New Notes Consideration and only an amount of cash set forth in the table below under the
heading &ldquo;Late Cash Consideration&rdquo; (the &ldquo;<U>Late Cash Consideration</U>&rdquo; and together with the New Notes
Consideration, the &ldquo;<U>Late Participation Payment</U>&rdquo;). We refer to the Early Participation Payment and the Late Participation
Payment as the &ldquo;<U>Exchange Consideration</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the
applicable Exchange Consideration, Eligible Holders whose Old Notes are accepted for exchange in the Exchange Offer will also receive
accrued and unpaid interest in respect of such exchanged Old Notes from the last interest payment date to, but not including, the
Settlement Date (as defined below) (such payment, the &ldquo;<U>Accrued Interest Payment</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to convene
an extraordinary meeting (the &ldquo;<U>Noteholders Meeting</U>&rdquo;) of holders of our outstanding Old Notes, expected to be
held in Buenos Aires, Argentina, on or about August 5, 2020 on First Call (as defined in the Exchange Offer and Consent Solicitation
Statement) and on a later date to be determined by us on Second Call (as defined in the Exchange Offer and Consent Solicitation
Statement) in case of lack of a requisite quorum on First Call, to consider and vote on the Proposed Amendments. The Proposed Amendments,
if adopted, would amend and/or remove certain events of default, covenants and other provisions from the Old Notes Indenture and
the Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table
sets forth certain material terms of the Exchange Offer:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt"><B>Series
of Notes<SUP>(1)</SUP></B></FONT></TD>
<TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>ISIN</B></FONT></TD>
<TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>CUSIP</B></FONT></TD>
<TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Aggregate<BR>
Principal<BR>
Amount<BR>
Outstanding</B></FONT></TD>
<TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Principal
<BR>
Amount of<BR>
New Notes <SUP>(2)</SUP>&nbsp;</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Early
Cash<BR>
Consideration<BR>
<SUP>(2)</SUP></B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Late
Cash<BR>
Consideration<BR>
<SUP>(2)</SUP></B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; width: 25%; font-size: 8pt; text-align: left; padding-left: 1.4pt"><FONT STYLE="font-size: 8pt">6.500% Senior Notes
due 2021</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 12%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">US12686NAT28 / USP19157AR03 &nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">12686NAT2 / P19157AR0</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD>
<TD STYLE="width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">465,853,000</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD>
<TD STYLE="width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">700</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD>
<TD STYLE="width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">320</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD>
<TD STYLE="width: 9%; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">250</FONT></TD>
<TD STYLE="width: 1%; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt TimesNewRomanPSMT,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="padding-right: 40.5pt">The Old Notes are currently listed on the Luxembourg Stock Exchange and traded on its Euro MTF
Market and are listed on the BYMA (as defined below) and are traded on the MAE (as defined below).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="padding-right: 40.5pt">Per U.S.$1,000 principal amount of Old Notes validly tendered and accepted for exchange. The
Exchange Consideration does not include the Accrued Interest Payment.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Exchange Offer
and Consent Solicitation will expire at 11:59 p.m. (New York City time) on August 3, 2020 (such date and time with respect to the
Exchange Offer and Consent Solicitation, as the same may be extended with respect to such Exchange Offer and Consent Solicitation,
the &ldquo;<U>Expiration Date</U>&rdquo;). In order to be eligible to receive the Early Participation Consideration and Cash Consideration,
eligible holders of Old Notes must validly tender their Old Notes and deliver the Proxy Documents and not validly withdraw or revoke,
as applicable, on or prior to 5:00 p.m., New York City time, on July 20, 2020, unless extended (such date and time, as the same
may be extended, the &ldquo;<U>Early Participation Date</U>&rdquo;). Eligible Holders of Old Notes who validly tender their Old
Notes and deliver the Proxy Documents after the Early Participation Date, but on or prior to the Expiration Date, will be eligible
to receive only the Late Participation Consideration and Cash Consideration. Old Notes validly tendered and Proxy Documents validly
delivered may be validly withdrawn or revoked, as applicable, at any time prior to 5:00 p.m., New York City time on July 20, 2020,
unless extended by the Company in its sole discretion (such date and time, as the same may be extended, the &ldquo;<U>Withdrawal
Date</U>&rdquo;), but not thereafter. The Settlement Date for the Exchange Offer will be promptly following the Expiration Date
and is expected to be on or about August 6, 2020, which is the third business day after the Expiration Date (as the same may be
extended with respect to the Exchange Offer).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>If you tender your
Old Notes in the Exchange Offer, you must also deliver the Proxy Documents pursuant to the Consent Solicitation and holders who
wish to deliver the Proxy Documents pursuant to the Consent Solicitation must tender their Old Notes in the Exchange Offer.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Telecom&rsquo;s obligation
to accept Old Notes tendered and Proxies delivered in the Exchange Offer is subject to the satisfaction of certain conditions applicable
to the Exchange Offer and Consent Solicitation, including (1) certain customary conditions, including that Telecom will not be
obligated to consummate the Exchange Offer and Consent Solicitation upon the occurrence of an event or events or the likely occurrence
of an event or events that would or might reasonably be expected to prohibit, restrict or delay the consummation of the Exchange
Offer and Consent Solicitation or materially impair the contemplated benefits to Telecom of the Exchange Offer and Consent Solicitation,
(2) in the case of Old Notes tendered by Argentine Entity Offerees and Non-Cooperating Jurisdiction Offerees, such holder&rsquo;s
delivery of the Letter of Transmittal. In addition, the Company&rsquo;s obligation to accept and exchange Old Notes validly tendered
pursuant to the Exchange Offer and Consent Solicitation is subject to the condition that New Notes and/or New Money Notes (as defined
below) for an aggregate principal amount of no less than $250,000,000 will be issued pursuant to the Exchange Offer and Consent
Solicitation and the Concurrent New Money Offering (as defined below)(the &ldquo;<U>Minimum Issuance Condition</U>&rdquo;). Subject
to applicable law and limitations described in the Exchange Offer and Consent Solicitation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">Memorandum, Telecom may waive any of
these conditions in its sole discretion. See &ldquo;Description of the Exchange Offer and Consent Solicitation&mdash;Conditions
to the Exchange Offer and Consent Solicitation&rdquo; in the Exchange Offer and Consent Solicitation Memorandum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company intends
to offer for cash 8.500% Senior Amortizing Notes due 2025 (the &ldquo;<U>New Money Notes</U>&rdquo;) which will have identical
terms and conditions as the New Notes offered in the Exchange Offer and Consent Solicitation, will have the same ISIN, CUSIP and
Common Code numbers and be part of the same issue for U.S. federal income tax purposes and will constitute a single series and
vote as a single class of debt securities with the New Notes under the New Notes Indenture (the &ldquo;<U>Concurrent New Money
Offering</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The purpose of the
Exchange Offer and Consent Solicitation is to extend the maturity of the debt obligations associated with the Old Notes and to
amend and/or delete certain provisions of the indenture governing the Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If and when issued,
the New Notes will not be registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be
offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities
Act and any applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global Bondholder
Services Corporation will act as the Information and Exchange Agent for the Exchange Offer and Consent Solicitation. Questions
or requests for assistance related to the Exchange Offer and Consent Solicitation or for additional copies of the Exchange Offer
and Consent Solicitation Documents may be directed to Global Bondholder Services Corporation at (866) 470-3800 (toll free) or
(212) 430-3774 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance
concerning the Exchange Offer and Consent Solicitation. The Exchange Offer and Consent Solicitation Documents are available for
Eligible Holders at the following web address: <U>https://gbsc-usa.com/eligibility/telecom</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Citigroup Global Markets Inc., Santander
Investment Securities Inc., HSBC Securities (USA) Inc., Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC&nbsp; are
acting as dealer managers (the &ldquo;<U>Dealer Managers</U>&rdquo;) for the Exchange Offer and Consent Solicitation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to applicable
law, the Exchange Offer and Consent Solicitation may be amended in any respect, extended or, upon failure of a condition to be
satisfied or waived prior to the Expiration Date or Settlement Date, as the case may be, terminated, at any time and for any reason.
Although we have no present plans or arrangements to do so, we reserve the right to amend, at any time, the terms of the Exchange
Offer and Consent Solicitation (including, without limitation, the conditions thereto) in accordance with applicable law. We will
give Eligible Holders notice of any amendments and will extend the Expiration Date if required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Eligible Holders of
Old Notes are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when
such intermediary would need to receive instructions from an Eligible Holder in order for that Eligible Holder to be able to participate
in, or withdraw their instruction to participate in, the Exchange Offer and Consent Solicitation before the deadlines specified
in the Exchange Offer and Consent Solicitation Documents. The deadlines set by any such intermediary for the submission of instructions
will be earlier than the relevant deadlines specified above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Important Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This announcement is
not an offer of securities for sale in the United States, and none of the New Notes (as defined in the Exchange Offer and Consent
Solicitation Memorandum) has been or will be registered under the U.S. Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;) or any state securities law. They may not be offered or sold within the United States or to, or for the account
or benefit of, U.S. persons except pursuant to an exemption from, or in a transaction not subject to the registration requirements
of the Securities Act. This press release does not constitute an offer of the New Notes for sale, or the solicitation of an offer
to buy any securities, in any state or other jurisdiction in which any offer, solicitation or sale would be unlawful. Any person
considering making an investment decision relating to any securities must inform itself</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">independently based solely on an offering
memorandum to be provided to eligible investors in the future in connection with any such securities before taking any such investment
decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This announcement is
directed only to holders of Old Notes who are (A) &ldquo;qualified institutional buyers&rdquo; as defined in Rule 144A under the
Securities Act or (B) (x) outside the United States as defined in Regulation S under the Securities Act, (y) if located within
a Member State of the European Economic Area (&ldquo;<U>EEA</U>&rdquo;) or in the United Kingdom, &ldquo;qualified investors&rdquo;
as defined in Regulation (EU) 2017/1129 (the &ldquo;<U>Prospectus Regulation</U>&rdquo;) and (z) if outside the EEA or the UK,
are eligible to receive this offer under the laws of its jurisdiction (each an &ldquo;<U>Eligible Holder</U>&rdquo;). No offer
of any kind is being made to any beneficial owner of Eligible Bonds who does not meet the above criteria or any other beneficial
owner located in a jurisdiction where the Exchange Offer and Consent Solicitation is not permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The distribution of
materials relating to the Exchange Offer and Consent Solicitation may be restricted by law in certain jurisdictions. The Exchange
Offer and Consent Solicitation is void in all jurisdictions where it is prohibited. If materials relating to the Exchange Offer
and Consent Solicitation come into your possession, you are required by the Company to inform yourself of and to observe all of
these restrictions. The materials relating to the Exchange Offer and Consent Solicitation, including this communication, do not
constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not
permitted by law. If a jurisdiction requires that the Exchange Offer and Consent Solicitation be made by a licensed broker or dealer
and a dealer manager or any affiliate of a dealer manager is a licensed broker or dealer in that jurisdiction, the Exchange Offer
and Consent Solicitation shall be deemed to be made by the dealer manager or such affiliate on behalf of the Company in that jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Forward-Looking
Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All statements in this
press release, other than statements of historical fact, are forward-looking statements. These statements are based on expectations
and assumptions on the date of this press release and are subject to numerous risks and uncertainties which could cause actual
results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, but are not
limited to, market conditions, and factors over which the Company has no control. The Company assumes no obligation to update these
forward-looking statements, and does not intend to do so, unless otherwise required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Notice to Investors
in the European Economic Area and the United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are not
intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any
retail investor in the <U>EEA</U> or in the United Kingdom. For these purposes, a retail investor means a person who is one (or
more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, &ldquo;<U>MiFID II</U>&rdquo;);
or (ii) a customer within the meaning of Directive (EU) 2016/97 (the &ldquo;Insurance Distribution Directive&rdquo;), where that
customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified
investor as defined in Regulation (EU) 2017/1129 (the &ldquo;<U>Prospectus Regulation</U>&rdquo;). Consequently no key information
document required by Regulation (EU) 1286/2014 (as amended, the &ldquo;<U>PRIIPs Regulation</U>&rdquo;) for offering or selling
the New Notes or otherwise making them available to retail investors in the EEA or in the United Kingdom has been prepared and
therefore otherwise offering or selling the New Notes or otherwise making them available to any retail investor in the EEA or in
the United Kingdom may be unlawful under the PRIIPs Regulation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the purposes of
section 21 of the Financial Services and Markets Act 2000, to the extent that this announcement constitutes an invitation or inducement
to engage in investment activity, such communication falls within Article 34 of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended, the &ldquo;<U>Financial Promotion Order</U>&rdquo;), being a non-real time communication communicated
by and relating only to controlled investments issued, or to be issued, by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than with respect
to distributions by the Company, this announcement is for distribution only directed at: (i) persons who are outside the United
Kingdom; or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">(Financial Promotion) Order 2005 (as amended, the &ldquo;<U>Financial Promotion Order</U>&rdquo;);
or (iii) persons falling within Articles 49(2)(a) to (d) (&ldquo;high net worth companies, unincorporated associations, etc.&rdquo;)
of the Financial Promotion Order; or (iv) persons to whom an invitation or inducement to engage in investment activity (within
the meaning of section 21 of the FSMA) in connection with the issue or sale of any New Notes may otherwise lawfully be communicated
or caused to be communicated (all such persons together being referred to as &ldquo;relevant persons&rdquo;). (all such persons
together being referred to as &ldquo;relevant persons&rdquo;). This announcement is directed only at relevant persons and must
not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document
relates is available only to relevant persons and any invitation, offer or agreement to subscribe, purchase or otherwise acquire
such New Notes will be engaged in only with relevant persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The Information and Exchange Agent for
the Exchange Offer and Consent Solicitation is</I>:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-bottom: 12pt; padding-left: 5.75pt; text-align: center"><B>Global Bondholder Services Corporation </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">65 Broadway &ndash; Suite 404 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">New York, New York 10006 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">Attn: Corporate Actions<BR>
Email: contact@gbsc-usa.com</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">Banks and Brokers call: (212) 430-3774 <BR>
Toll free: (866)-470-3800 </TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">By facsimile:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(For Eligible Institutions only):</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(212) 430-3775/3779</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By Mail:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">65 Broadway &ndash; Suite 404</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10006</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By Overnight Courier:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">65 Broadway &ndash; Suite 404</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, New York 10006</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="width: 33%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By Hand:</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">65 Broadway &ndash; Suite 404</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10006</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 5.75pt; padding-bottom: 10pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Any question regarding the terms of the
Exchange Offer and Consent Solicitation should be directed to the Dealer Managers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The Dealer Managers for the Exchange
Offer and Consent Solicitation are</I>:</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center">Citigroup Global<BR>
 Markets Inc.</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center">Santander <BR>
Investment <BR>
Securities Inc.</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center">HSBC Securities<BR>
 (USA) Inc.</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center">Itau BBA USA <BR>
Securities, Inc.</TD>
    <TD STYLE="width: 24%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: center">J.P. Morgan<BR>
 Securities LLC&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Exchange Offer and Consent Solicitation shall be available
online at https://gbsc-usa.com/eligibility/telecom until the consummation or termination of the Exchange Offer and Consent Solicitation.</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

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<TD COLSPAN="2">&nbsp;</TD>
<TD COLSPAN="3"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>Date:</TD>
<TD>July 8, 2020</TD>
<TD>By:</TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Fernando J. Balmaceda</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 45%">&nbsp;</TD>
<TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 7%">Name:</TD>
<TD STYLE="width: 38%">Fernando J. Balmaceda</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>Title:</TD>
<TD>Responsible for Market Relations</TD></TR>
</TABLE>

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