<SEC-DOCUMENT>0001104659-20-128279.txt : 20201123
<SEC-HEADER>0001104659-20-128279.hdr.sgml : 20201123
<ACCEPTANCE-DATETIME>20201123100627
ACCESSION NUMBER:		0001104659-20-128279
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201123
FILED AS OF DATE:		20201123
DATE AS OF CHANGE:		20201123

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:		201334605

	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>tm2035494-7_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">For the month
of November 2020</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">Commission
File Number: 001-13464</FONT></P>

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

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

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 16"><B>Telecom Argentina
S.A.</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(Translation of registrant&#8217;s name
into English)</P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12"><B>Alicia Moreau
de Justo, No. 50, 1107</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12"><B>Buenos Aires,
Argentina</B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Form
    20-F</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">X</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Form
    40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">X</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">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):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 14%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">X</FONT></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; text-align: center"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12">TABLE
OF CONTENTS</FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><U>Item
</U></B></FONT></P>

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><A HREF="#a_001"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt"><B><I><U>English translation of a letter dated November 20, 2020 to the Buenos Aires Stock Exchange (Bolsa de Comercio de Buenos Aires)</U></I></B></FONT></A></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>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 50%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U><A NAME="a_001"></A>FREE
TRANSLATION</U></B></FONT></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="tm2035494d7_6kimg001.jpg" ALT=""></TD>
</TR></TABLE>

<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; text-align: justify"><FONT STYLE="font-size: 11pt">Buenos Aires,
November 20th, 2020</FONT></P>

<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"><FONT STYLE="font-size: 11pt"><B>Buenos
Aires Stock Exchange</B></FONT></P>

<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">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Re.: Documentation prior to the General
Extraordinary Shareholders&#8217; Meeting and Class &#8220;A&#8221; and Class &#8220;D&#8221; Shares Special Shareholders&#8217;
Meetings, to be held on December 11, 2020 at 11:00 am</U></B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I am writing to you in my capacity as attorney
in fact of <B>Telecom Argentina S.A. (&#8220;Telecom Argentina&#8221;)</B>, to attach the <B>Proposed Amendment to Section 10 of
the Bylaws</B> to be considered by the General Extraordinary Shareholders&acute; Meeting and by the aforementioned Class &#8220;A&#8221;
Shares and Class &#8220;D&#8221; Shares Special Shareholders&acute; Meeting .</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 70%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Telecom
    Argentina S.A.</B></FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">/s/
    Andrea V. Cerd&aacute;n &nbsp;</FONT></TD></TR>
<TR STYLE="font: 11pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Attorney
    in Fact</FONT></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: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>TELECOM
ARGENTINA S.A.</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><U>PROPOSAL
OF AMENDMENT TO SECTION 10&deg; OF THE CORPORATE BYLAWS TO BE CONSIDERED BY THE GENERAL EXTRAORDINARY SHAREHOLDERS&#8217; MEETING
AND CLASS&nbsp;&#8220;A&#8221; AND CLASS&nbsp;&#8220;D&#8221; SHARES SPECIAL SHAREHOLDERS&#8217; MEETINGS SUMMONED FOR DECEMBER
11TH, 2020</U></B></FONT></P>

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
current text of Section 10 of the Corporate Bylaws and the amended text proposed (in bold and underlined) are transcribed below:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font-family: Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">CURRENT
    TEXT</FONT></TD>
    <TD STYLE="border: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AMENDED
    TEXT</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
    Ten: The Company is managed and administered by a Board of Directors, consisting of such number of members as determined at
    the Shareholders&rsquo; Meeting, which must be no less than eleven and no more than seventeen members. Such members shall
    hold office for a term of three fiscal years.</FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Section
    Ten: The Company is managed and administered by a Board of Directors, consisting of such number of members as determined at
    the Shareholders&rsquo; Meeting, which must be no less than eleven and no more than seventeen members. Such members shall
    hold office for a term of three fiscal years.</FONT></TD></TR>
</TABLE>



<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>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
        the Shareholders&rsquo; Meeting, the shareholders shall appoint the same or a lesser number of alternate members for the
        same term in order to fill any vacancies which may arise, following the order or method indicated at the Shareholders&rsquo;
        Meeting, notwithstanding the provisions of section 11 hereof. At their first meeting, directors shall appoint a Chairman
        and a Vice Chairman. The Vice-Chairman shall replace the Chairman in case of the Chairman&rsquo;s absence or impediment.
        Meetings of the Board of Directors shall be held once every three months and at any time the Board of Directors so decides.
        The meetings of the Board of Directors must be called with no less than 12 calendar days&rsquo; notice to deal with ordinary
        matters and upon no less than 3 calendar days&rsquo; notice for urgent matters. To such end, the Chairman, or Vice-Chairman
        in case the Vice-Chairman is replacing the Chairman, shall give notice to the members of the Board at their legal domiciles
        by certified mail, acknowledgment of receipt requested, or using any other certifiable means, including by telex. Such
        notice must state the date, time and location of the meeting and agenda thereof. This call for a Board meeting shall not
        be necessary if all of the members of the Board of Directors are present.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
        Board of Directors can only hold a meeting if the absolute majority of its members are present and matters shall be decided
        by the vote of a majority of those present at the meeting. In order to approve the Special Majority Matters listed below,
        the following shall also be required: (a) the affirmative vote of at least one director appointed by the general shareholder&rsquo;s
        meeting and nominated by Class A; and (b) the affirmative vote of at least one director appointed by the general shareholder&rsquo;s
        meeting and nominated by Class D.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
        case none of the elected directors nominated by Class A shareholders or none of the elected directors nominated by Class
        D shareholders are present at the duly called Board of Directors&rsquo; meeting and the items of the agenda include a
        Special Majority Matter, the Board of Directors shall not discuss or pass a resolution on such items and call, under the
        provisions and within the terms set forth above, a new meeting of the Board of Directors to discuss those items of the
        agenda.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
        case of a tie vote, the Chairman shall have two votes for issues that do not qualify as Special Majority Matters.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">At
        the Shareholders&rsquo; Meeting, the shareholders shall appoint the same or a lesser number of alternate members for the
        same term in order to fill any vacancies which may arise, following the order or method indicated at the Shareholders&rsquo;
        Meeting, notwithstanding the provisions of section 11 hereof. At their first meeting, directors shall appoint a Chairman
        and a Vice Chairman. The Vice-Chairman shall replace the Chairman in case of the Chairman&rsquo;s absence or impediment.
        Meetings of the Board of Directors shall be held once every three months and at any time the Board of Directors so decides.
        The meetings of the Board of Directors must be called <B><STRIKE>with no less than 12-calendar days&rsquo; notice to deal
        with ordinary matters and</STRIKE></B> upon no less than <B><STRIKE>3</STRIKE></B>-<B>5</B> calendar days&rsquo; notice
        <B><STRIKE>for urgent matters</STRIKE><U>(except in the event of a request by a Director, in accordance with the provisions
        of article 267 of the General Business Law, in which case the call may be made at any time so that the Meeting is held
        within the fifth day of receipt of said request). For urgent matters, the Meeting of the Board may be called with 1 calendar
        day prior notice</U></B>. To such end, the Chairman, or Vice-Chairman in case the Vice-Chairman is replacing the Chairman,
        shall give notice to the members of the Board at their legal domiciles by <B><STRIKE>certified mail </STRIKE><U>written
        communication</U></B>, acknowledgment of receipt requested, or using any other certifiable means, including <B><STRIKE>by
        telex</STRIKE> <U>email</U></B>. Such notice must state the date, time and location of the meeting and agenda thereof.
        This call for a Board meeting shall not be necessary if all of the members of the Board of Directors are present.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
        Board of Directors can only hold a meeting if the absolute majority of its members are present and matters shall be decided
        by the vote of a majority of those present at the meeting. In order to approve the Special Majority Matters listed below,
        the following shall also be required: (a) the affirmative vote of at least one director appointed by the general shareholder&rsquo;s
        meeting and nominated by Class A; and (b) the affirmative vote of at least one director appointed by the general shareholder&rsquo;s
        meeting and nominated by Class D.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
        case none of the elected directors nominated by Class A shareholders or none of the elected directors nominated by Class
        D shareholders are present at the duly called Board of Directors&rsquo; meeting and the items of</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
                                         Vice Chairman shall NOT have two votes when acting in replacement of the Chairman for
                                         any reason. The Board of Directors may also hold meetings with its members communicated
                                         via video teleconference, in which case both physical and remote participation shall
                                         be considered for the purpose of establishing quorum. The minutes of these meetings shall
                                         be prepared and signed by the attending directors and members of the Supervisory Committee
                                         within five (5) days from the date the meeting is held. The members of the Supervisory
                                         Committee must expressly indicate in the minutes the names of those directors participating
                                         remotely and the legitimacy of the decisions made during the meeting. The minutes shall
                                         also include the statements of those directors physically present as well as of those
                                         participating remotely and the votes cast thereby in respect of each resolution adopted.
                                         The Shareholders&rsquo; Meeting shall determine the compensation of the Board of Directors.
                                         Pursuant to the terms of section 270 of Law No. 19,550, the Board of Directors may designate
                                         General Managers as well as special managers who are not required to be Company Directors&rdquo;.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
        following matters are Special Majority Matters subject to the special majority rules set forth in this Section:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)
        any change, amendment, supplement or replacement of the bylaws or any other incorporation document of the Company or any
        Controlled Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)
        Any material change in the business management of the Company or any Controlled Company that is not related to the provision
        of video, telephony, data and other related services, or any new service provided by similar information technology and
        communications companies in other markets, and other businesses reasonably related thereto.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)
        the hiring of any officer or employee of the Company or any Controlled Company to work in a key position such as: Director
        or Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Technical Officer (CTO), Chief Financial Officer
        (CFO) or any other officer or employee of the Company or any Controlled Company who reports directly to the Director or
        Chief Executive Officer (CEO) or to the Company&rsquo;s Vice-Chairman, or reports jointly to the Director or Chief Executive
        Officer (CEO) and the Company&rsquo;s Vice-Chairman or the Sub-Chief Executive Officer, if any, such as the Internal Auditor
        (or, in any case, any other</FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the
                                         agenda include a Special Majority Matter, the Board of Directors shall not discuss or
                                         pass a resolution on such items and call, under the provisions and within the terms set
                                         forth above, a new meeting of the Board of Directors to discuss those items of the agenda.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In
        case of a tie vote, the Chairman shall have two votes for issues that do not qualify as Special Majority Matters.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
        Vice Chairman shall NOT have two votes when acting in replacement of the Chairman for any reason. The Board of Directors
        may also hold meetings with its members communicated via video teleconference, in which case both physical and remote
        participation shall be considered for the purpose of establishing quorum. The minutes of these meetings shall be prepared
        and signed by the attending directors and members of the Supervisory Committee within five (5) days from the date the
        meeting is held. The members of the Supervisory Committee must expressly indicate in the minutes the names of those directors
        participating remotely and the legitimacy of the decisions made during the meeting. The minutes shall also include the
        statements of those directors physically present as well as of those participating remotely and the votes cast thereby
        in respect of each resolution adopted. The Shareholders&rsquo; Meeting shall determine the compensation of the Board of
        Directors. Pursuant to the terms of section 270 of Law No. 19,550, the Board of Directors may designate General Managers
        as well as special managers who are not required to be Company Directors&rdquo;.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
        following matters are Special Majority Matters subject to the special majority rules set forth in this Section:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)
        any change, amendment, supplement or replacement of the bylaws or any other incorporation document of the Company or any
        Controlled Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)
        Any material change in the business management of the Company or any Controlled Company that is not related to the provision
        of video, telephony, data and other related services, or any new service provided by similar information technology and
        communications companies in other markets, and other businesses reasonably related thereto.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)
        the hiring of any officer or employee of the Company or any Controlled Company to work in a key position such as: Director
        or Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Technical Officer (CTO),</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">officer
        or employee with responsibilities similar to those of the above mentioned positions) or any other position expressly designated
        as a key position, such as the Procurement Director, Legal Affairs Director, Human Resources Director, Regulatory Affairs
        Director and Institutional Relations Director; and the dismissal of the Chief Financial Officer and the internal auditor.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)
        Any replacement of the external auditors or tax advisors of the Company or any Controlled Company, except if Deloitte
        Touche Tohmatsu, PricewaterhouseCoopers, KPMG or EY (formerly known as Ernst &amp; Young) are appointed.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)
        The creation of any Committee of the Board of Directors of the Company or any Controlled Company, or the increase or
        reduction of the powers of the Board of Directors or of any existing committee of the Board of Directors of the Company or of
        the Board of Directors of any Controlled Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)
        Any merger by absorption or consolidation of the Company or any Controlled Company in one transaction or a series of related
        transactions, or the acquisition of assets (including capital stock -as such term is hereinafter defined- or other
        securities) by the Company or any Controlled Company, in which the Company&rsquo;s or any Controlled Company&rsquo;s capital
        stock is used as consideration, except for the merger of the Company with Cablevisi&oacute;n Holding S.A. where: (1) the
        Company is the surviving company, (2) no assets or liabilities are transferred to the Company as a result of the merger other
        than (i) shares issued by the Company and/or (ii) existing liabilities of Cablevisi&oacute;n Holding S.A. in such minimum
        quantities that (after subtracting the amounts in cash and cash equivalents that may exist in Cablevisi&oacute;n Holding S.A.
        at that time) do not exceed US$1 million, (3) no economic or political dilution affects the Company&rsquo;s shareholders
        because of the exchange ratio of shares issued by Cablevisi&oacute;n Holding S.A. for shares issued by the Company or for any
        other reason as a result of the merger; and (4) the merger qualifies as a tax free reorganization pursuant to Argentine law.
        (vii) Any acquisition by the Company or any</FONT> Controlled Company, in a single transaction or a series of transactions
        (except with any Subsidiary of the Company) of assets (including capital stock or other securities), other than acquisitions
        in which all payments or the assets&rsquo; Market Value do not exceed U$S 50 million.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">(viii) Any act of disposal of assets by
        the</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Chief
        Financial Officer (CFO) or any other officer or employee of the Company or any Controlled Company who reports directly
        to the Director or Chief Executive Officer (CEO) or to the Company&rsquo;s Vice-Chairman, or reports jointly to the Director
        or Chief Executive Officer (CEO) and the Company&rsquo;s Vice-Chairman or the Sub-Chief Executive Officer, if any, such
        as the Internal Auditor (or, in any case, any other officer or employee with responsibilities similar to those of the
        above mentioned positions) or any other position expressly designated as a key position, such as the Procurement Director,
        Legal Affairs Director, Human Resources Director, Regulatory Affairs Director and Institutional Relations Director; and
        the dismissal of the Chief Financial Officer and the internal auditor.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)
        Any replacement of the external auditors or tax advisors of the Company or any Controlled Company, except if Deloitte
        Touche Tohmatsu, PricewaterhouseCoopers, KPMG or EY (formerly known as Ernst &amp; Young) are appointed.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)
        The creation of any Committee of the Board of Directors of the Company or any Controlled Company, or the increase or
        reduction of the powers of the Board of Directors or of any existing committee of the Board of Directors of the Company or of
        the Board of Directors of any Controlled Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)
        Any merger by absorption or consolidation of the Company or any Controlled Company in one transaction or a series of related
        transactions, or the acquisition of assets (including capital stock -as such term is hereinafter defined- or other securities)
        by the Company or any Controlled Company, in which the Company&rsquo;s or any Controlled Company&rsquo;s capital stock
        is used as consideration, except for the merger of the Company with Cablevisi&oacute;n Holding S.A. where: (1) the Company
        is the surviving company, (2) no assets or liabilities are transferred to the Company as a result of the merger other
        than (i) shares issued by the Company and/or (ii) existing liabilities of Cablevisi&oacute;n Holding S.A. in such minimum
        quantities that (after subtracting the amounts in cash and cash equivalents that may exist in Cablevisi&oacute;n Holding
        S.A. at that time) do not exceed US$1 million , (3) no economic or political dilution affects the Company&rsquo;s shareholders
        because of the exchange ratio of shares issued by Cablevisi&oacute;n Holding S.A. for shares issued by the Company or
        for any other reason as a result of the merger; and (4) the merger qualifies as a tax free reorganization pursuant to
        Argentine law.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Company
or any Controlled Company in one transaction (except with a wholly owned Subsidiary (except for the minimum number of shares necessary
to comply with the requirement of plurality of shareholders)) in which the Market Value of the disposed assets exceeds U$S30 million,
except when such disposal is required by a competent governmental authority&rsquo;s order.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ix)
        the issuance, delivery, offer, sale, acquisition, redemption or purchase by the Company or any Controlled Company of shares
        of any class or series of its Capital Stock or other securities convertible into, or exercisable or exchangeable for,
        or options, warrants or rights of any kind to subscribe or acquire, shares of any class or series of its Capital Stock
        or other securities or any share restructuring, subdivision, exchange of debt or preferred shares for shares or vice versa,
        combination or reclassification of the Capital Stock of the Company or any Controlled Company, or the entering into any
        agreement, contract, engagement or undertaking relating to the above.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)
        The adoption of any equity compensation program for the Company&rsquo;s officers that provides for the issuance of securities
        or rights under their Market Value or that, once issued or exercised, would represent more than the higher of two percent
        (2%) of the Company&rsquo;s Capital Stock or U$S 5 million.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xi)
        The commencement of an insolvency proceeding (concurso) by the Company or the entering into a pre-packaged insolvency
        plan (acuerdo preventivo extrajudicial) pursuant to the Argentine insolvency law, or any other action filed pursuant to
        any other insolvency or bankruptcy law of Argentina or any other place, or the Company or any Controlled Company&rsquo;s
        acknowledgment in writing of the bankruptcy, insolvency, state of default or general inability to pay its debts when due
        of the Company or any Controlled Company. However, it shall not qualify as a Special Majority Matter if in an involuntary
        bankruptcy proceeding said involuntary request is presented by the Shareholder or Shareholders (or any of its Affiliates)
        that nominated the Director that challenges the decision to make such filing.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xii)
        The incurring of indebtedness by the Company or any Controlled Company, except for Debt that, once added to any other
        outstanding Debt of the Company and its Controlled Companies (net of any cash deposits in custody solely used to pay Debt)
        does not exceed three (3) times the Company&rsquo;s</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)
        Any acquisition by the Company or any Controlled Company, in a single transaction or a series of transactions (except
        with any Subsidiary of the Company) of assets (including capital stock or other securities), other than acquisitions in
        which all payments or the assets&rsquo; Market Value do not exceed U$S 50 million.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(viii)
        Any act of disposal of assets by the Company or any Controlled Company in one transaction (except with a wholly owned
        Subsidiary (except for the minimum number of shares necessary to comply with the requirement of plurality of shareholders))
        in which the Market Value of the disposed assets exceeds U$S30 million, except when such disposal is required by a competent
        governmental authority&rsquo;s order.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ix)
        the issuance, delivery, offer, sale, acquisition, redemption or purchase by the Company or any Controlled Company of shares
        of any class or series of its Capital Stock or other securities convertible into, or exercisable or exchangeable for,
        or options, warrants or rights of any kind to subscribe or acquire, shares of any class or series of its Capital Stock
        or other securities or any share restructuring, subdivision, exchange of debt or preferred shares for shares or vice versa,
        combination or reclassification of the Capital Stock of the Company or any Controlled Company, or the entering into any
        agreement, contract, engagement or undertaking relating to the above.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)
        The adoption of any equity compensation program for the Company&rsquo;s officers that provides for the issuance of securities
        or rights under their Market Value or that, once issued or exercised, would represent more than the higher of two percent
        (2%) of the Company&rsquo;s Capital Stock or U$S 5 million.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xi)
        The commencement of an insolvency proceeding (concurso) by the Company or the entering into a pre-packaged insolvency
        plan (acuerdo preventivo extrajudicial) pursuant to the Argentine insolvency law, or any other action filed pursuant to
        any other insolvency or bankruptcy law of Argentina or any other place, or the Company or any Controlled Company&rsquo;s
        acknowledgment in writing of the bankruptcy, insolvency, state of default or general inability to pay its debts when due
        of the Company or any Controlled Company. However, it shall not qualify as a Special Majority Matter if in an involuntary
        bankruptcy proceeding said involuntary request is presented by the Shareholder or Shareholders (or any of its</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consolidated
        EBITDA for the twelve (12) month period immediately prior to the incurring of such Debt for which the Company&rsquo;s
        consolidated financial statements are available.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xiii)
        The creation or imposition of a Lien over any asset of the Company or any Controlled Company with a Market Value exceeding
        U$S 30 million, except for those liens especially approved as part of the Capital Expenditures or assets acquisition authorization.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xiv)
        the granting of a loan or an advance payment to any person or the granting of a guarantee to secure the obligations of
        a person, except for (A) the guarantee of a Controlled Company&rsquo;s Debt allowed under paragraph (xii) of this Section,
        or (B) any commercial advance payment previously approved in connection with projects approved under paragraphs (vii)
        or (xv) of this Section, or (C) commercial advance payments to the Company&rsquo;s or any Controlled Company&rsquo;s suppliers
        not exceeding U$S 20 million in the aggregate in one transaction or a series of transactions.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xv)
        The approval of Capital Expenditures in any fiscal year, not expressly contemplated in a Business Plan or Annual Budget,
        for an amount exceeding U$S 45 million in the aggregate, except for those Capital Expenditures necessary to maintain the
        proper functioning of the Company&rsquo;s premises, equipment and systems, including the renewal and replacement of obsolete
        material.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xvi)
        Any contractual agreement or other engagement not expressly contemplated in a Business Plan or Annual Budget, by which
        the Company or its Controlled Companies assume payment obligations exceeding (i) U$S 5 million (or its equivalent in another
        currency) in connection with transactions that are not in the ordinary course of business and (ii) U$S 30 million in connection
        with transactions in the ordinary course of business, and in each case, that are not subject to another paragraph of this
        Section.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xvii)
        The approval of transactions with any person that is controlled by, or controls, or is under common control with a Shareholder.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xviii)
        The decisions relating to the consolidation of operations between the Company and its Controlled Companies, except in
        those cases in which the shareholders are not politically or economically diluted and where there is no transfer or assumption
        of a negative equity.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xix)
        The approval during any fiscal year of (i)</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Affiliates)
        that nominated the Director that challenges the decision to make such filing.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xii)
        The incurring of indebtedness by the Company or any Controlled Company, except for Debt that, once added to any other
        outstanding Debt of the Company and its Controlled Companies (net of any cash deposits in custody solely used to pay Debt)
        does not exceed three (3) times the Company&rsquo;s consolidated EBITDA for the twelve (12) month period immediately prior
        to the incurring of such Debt for which the Company&rsquo;s consolidated financial statements are available.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xiii)
        The creation or imposition of a Lien over any asset of the Company or any Controlled Company with a Market Value exceeding
        U$S 30 million, except for those liens especially approved as part of the Capital Expenditures or assets acquisition authorization.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xiv)
        the granting of a loan or an advance payment to any person or the granting of a guarantee to secure the obligations of
        a person, except for (A) the guarantee of a Controlled Company&rsquo;s Debt allowed under paragraph (xii) of this Section,
        or (B) any commercial advance payment previously approved in connection with projects approved under paragraphs (vii)
        or (xv) of this Section, or (C) commercial advance payments to the Company&rsquo;s or any Controlled Company&rsquo;s suppliers
        not exceeding U$S 20 million in the aggregate in one transaction or a series of transactions.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xv)
        The approval of Capital Expenditures in any fiscal year, not expressly contemplated in a Business Plan or Annual Budget,
        for an amount exceeding U$S 45 million in the aggregate, except for those Capital Expenditures necessary to maintain the
        proper functioning of the Company&rsquo;s premises, equipment and systems, including the renewal and replacement of obsolete
        material.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xvi)
        Any contractual agreement or other engagement not expressly contemplated in a Business Plan or Annual Budget, by which
        the Company or its Controlled Companies assume payment obligations exceeding (i) U$S 5 million (or its equivalent in another
        currency) in connection with transactions that are not in the ordinary course of business and (ii) U$S 30 million in connection
        with transactions in the ordinary course of business, and in each case, that are not subject to another paragraph of this
        Section.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xvii)
        The approval of transactions with any person that is controlled by, or controls, or is</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any
        increase in the CEO&rsquo;s compensation exceeding 10% in real terms after considering the effects of inflation in U.S.
        dollars or Argentine pesos depending on the currency in which the applicable compensation is determined and (ii) any increase
        in the compensation of those employees or officers who hold key positions in the Company or any Controlled Company if
        following such increase the annual compensation of such employee for such fiscal year exceeds 80% of the CEO&rsquo;s annual
        compensation for such fiscal year in real terms.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xx)
        The approval of new Business Lines or the discontinuation of Business Lines of the Company or any Controlled Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xxi)
        Any amendment to the dividends policy, or the entering into contracts or agreements imposing restrictions or conditions
        for the approval or payment of dividends or any distribution to the Shareholders.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xxii)
        The filings or requests or petitions for approval of the cancellation of registration of securities with national or international
        governmental agencies, or the cancellation of the listing of shares or other equity securities at domestic or international
        securities markets.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xxiii)
        The approval of the Annual Consolidated Budget and the Business Plan of the Company and its Controlled Companies, except
        when it has been approved unanimously by the Company&rsquo;s Executive Committee.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
        the purposes of these bylaws, the following terms shall have the meaning stated below for each of them:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Affiliate&rdquo;
        means, with respect to a specified person, any other person that, at the date of determination of its condition as Affiliate,
        directly or indirectly, through one or more intermediates, Controls or is Controlled by or is under the common Control
        with the Person specified; provided that no shareholder shall be considered an Affiliate of any of the other Shareholders
        on the sole ground of having made an investment in the Company; and further provided that neither the Company nor any
        Controlled Company shall be considered an Affiliate of a Shareholder.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Capital
        Stock&rdquo; of a person means any and all shares, rights, purchase rights, warrants, equity securities, convertible notes,
        options, participations, rights thereto or similar rights (whatever their name) of the capital stock of such Person, or
        other equity participations, including partnership or membership interests, whether limited or unlimited, in such Person,
        and also including any preferred share and all</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under
        common control with a Shareholder.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xviii)
        The decisions relating to the consolidation of operations between the Company and its Controlled Companies, except in
        those cases in which the shareholders are not politically or economically diluted and where there is no transfer or assumption
        of a negative equity.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xix)
        The approval during any fiscal year of (i) any increase in the CEO&rsquo;s compensation exceeding 10% in real terms after
        considering the effects of inflation in U.S. dollars or Argentine pesos depending on the currency in which the applicable
        compensation is determined and (ii) any increase in the compensation of those employees or officers who hold key positions
        in the Company or any Controlled Company if following such increase the annual compensation of such employee for such
        fiscal year exceeds 80% of the CEO&rsquo;s annual compensation for such fiscal year in real terms.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xx)
        The approval of new Business Lines or the discontinuation of Business Lines of the Company or any Controlled Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xxi)
        Any amendment to the dividends policy, or the entering into contracts or agreements imposing restrictions or conditions
        for the approval or payment of dividends or any distribution to the Shareholders.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xxii)
        The filings or requests or petitions for approval of the cancellation of registration of securities with national or international
        governmental agencies, or the cancellation of the listing of shares or other equity securities at domestic or international
        securities markets.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(xxiii)
        The approval of the Annual Consolidated Budget and the Business Plan of the Company and its Controlled Companies, except
        when it has been approved unanimously by the Company&rsquo;s Executive Committee.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For
        the purposes of these bylaws, the following terms shall have the meaning stated below for each of them:</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Affiliate&rdquo;
        means, with respect to a specified person, any other person that, at the date of determination of its condition as Affiliate,
        directly or indirectly, through one or more intermediates, Controls or is Controlled by or is under the common Control
        with the Person specified; provided that no shareholder shall be considered an Affiliate of any of the other Shareholders
        on the sole ground of having made an investment in the Company; and further provided that neither the Company nor any
        Controlled Company shall be considered an Affiliate of a Shareholder.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">rights,
        warrants or options exchangeable for or convertible into such shares of capital stock, whether they are outstanding as
        of the date of the trust agreement or issued thereafter.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Control&rdquo;
        means, with respect to any Person (except an individual), the possession, directly or indirectly, of the power to direct
        or cause the direction of the management and policies of such person, whether through the ownership of securities, membership
        interests or shares with a right to vote or by contract or otherwise.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Debt/EBITDA
        Ratio&rdquo; means, with respect to the Company, at any moment, the ratio of its net consolidated Debt, as of the date
        of the Company&rsquo;s most recent available consolidated statements of financial position, to its consolidated EBITDA
        for the four most recent quarters for which the statement of income and the statement of cash flows are available for
        such Person, prepared in accordance with Argentine GAAP on the basis of the most recent financial statements published
        by the Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Debt&rdquo;
        means, with respect to any person at the time of determination, without implying duplication: (a) all obligations of such
        person for borrowed money (including overdraft) or for the deferred purchase price of property or services, excluding
        commercial debts and other obligations (including pending payments) incurred in the ordinary course of business (evidenced
        or not by a promissory note), but including, among others, all obligations of such Person, contingent or otherwise, in
        connection with letters of credit and acceptances issued pursuant to letters of credits, bankers&rsquo; acceptance lines
        or similar, (b) all obligations of such person evidenced by bonds, notes, debentures, or similar instruments, (c) all
        obligations of such person incurred in or arising from a conditional sale agreement or other title retention agreement
        relating to property acquired by such person (even when pursuant to the agreement the rights and actions of the seller
        or lender in case of breach are limited to recovering the possession of the asset or its sale), but excluding commercial
        obligations incurred in the ordinary course of business; (d) all capitalized lease obligations of such person, (e) any
        debt of other persons referred to (but not excluded from) in the preceding clauses and all dividends of other Persons,
        which payment is guaranteed (or in respect of which such debt&rsquo;s creditor has a right, contingent or otherwise, to
        be guaranteed) by means of a lien created on or relating to an asset (including, among others, accounts and</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Capital
        Stock&rdquo; of a person means any and all shares, rights, purchase rights, warrants, equity securities, convertible notes,
        options, participations, rights thereto or similar rights (whatever their name) of the capital stock of such Person, or
        other equity participations, including partnership or membership interests, whether limited or unlimited, in such Person,
        and also including any preferred share and all rights, warrants or options exchangeable for or convertible into such shares
        of capital stock, whether they are outstanding as of the date of the trust agreement or issued thereafter.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Control&rdquo;
        means, with respect to any Person (except an individual), the possession, directly or indirectly, of the power to direct
        or cause the direction of the management and policies of such person, whether through the ownership of securities, membership
        interests or shares with a right to vote or by contract or otherwise.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Debt/EBITDA
        Ratio&rdquo; means, with respect to the Company, at any moment, the ratio of its net consolidated Debt, as of the date
        of the Company&rsquo;s most recent available consolidated statements of financial position, to its consolidated EBITDA
        for the four most recent quarters for which the statement of income and the statement of cash flows are available for
        such Person, prepared in accordance with Argentine GAAP on the basis of the most recent financial statements published
        by the Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Debt&rdquo;
        means, with respect to any person at the time of determination, without implying duplication: (a) all obligations of such
        person for borrowed money (including overdraft) or for the deferred purchase price of property or services, excluding
        commercial debts and other obligations (including pending payments) incurred in the ordinary course of business (evidenced
        or not by a promissory note), but including, among others, all obligations of such Person, contingent or otherwise, in
        connection with letters of credit and acceptances issued pursuant to letters of credits, bankers&rsquo; acceptance lines
        or similar, (b) all obligations of such person evidenced by bonds, notes, debentures, or similar instruments, (c) all
        obligations of such person incurred in or arising from a conditional sale agreement or other title retention agreement
        relating to property acquired by such person (even when pursuant to the agreement the rights and actions of the seller
        or lender in case of breach are limited to recovering the possession of the asset or its sale), but excluding commercial
        obligations incurred in the ordinary course of business; (d)</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contractual
        rights) owned by such person, even when such person has not assumed or accepted responsibility for the payment of such
        debt (considering that the amount of the obligation is the lower of the value of such property or asset or the amount
        of the obligation thus guaranteed), (f) all guarantees granted by such person of the debt referred to in this definition
        corresponding to any other person, (g) all the capital stock of such person that may be redeemed, valued at the highest
        price between the maximum determined voluntary and involuntary repurchase price, plus all accrued and unpaid dividends;
        (h) all the obligations of such Person arising from or in connection with interest rates or currency exchange rates agreements;
        and (i) the seller&rsquo;s financing. For the purposes of this definition, the &ldquo;maximum determined repurchase price&rdquo;
        of the capital stock that may be subject to redemption and does not have a determined purchase price shall be the fair
        market value of such capital stock subject to redemption. The fair market value shall be determined in good faith by the
        Company&rsquo;s Board and shall be reflected in a Board resolution. The Debt shall not include (a) obligations of any
        Person (i) that arise from the payment by a bank or other financial institution of a check, draft or similar instrument
        inadvertently drawn on insufficient funds in the ordinary course of business, as long as such obligations cease within
        two (2) business days as from the date on which they were incurred, unless they are covered by an authorization to overdraw,
        (ii) that derive from an endorsement for the collection of debt securities in the ordinary course of business and pursuant
        to business practices applied in the past and (iii) that derive from stand-by letters of credit if they are guaranteed
        with cash or cash equivalents and (b) obligations derived from guarantees of compliance, performance or surety bonds,
        performance insurance, guarantees or court bonds, letters of credit or other similar obligations incurred in the ordinary
        course of business.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;EBITDA&rdquo;
        means the sum for the Company and its subsidiaries, calculated in accordance with Argentine GAAP, of Consolidated Net
        Income, excluding extraordinary income and results of equity in earnings from Affiliates, plus financial income (expense),
        income taxes, other non-cash items and depreciation and amortization expenses corresponding to the relevant period.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Capital
        Expenditures&rdquo; means, with respect to any Person during any period, the amount of all expenditures directly or indirectly
        made as</FONT></P></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all
        capitalized lease obligations of such person, (e) any debt of other persons referred to (but not excluded from) in the
        preceding clauses and all dividends of other Persons, which payment is guaranteed (or in respect of which such debt&rsquo;s
        creditor has a right, contingent or otherwise, to be guaranteed) by means of a lien created on or relating to an asset
        (including, among others, accounts and contractual rights) owned by such person, even when such person has not assumed
        or accepted responsibility for the payment of such debt (considering that the amount of the obligation is the lower of
        the value of such property or asset or the amount of the obligation thus guaranteed), (f) all guarantees granted by such
        person of the debt referred to in this definition corresponding to any other person, (g) all the capital stock of such
        person that may be redeemed, valued at the highest price between the maximum determined voluntary and involuntary repurchase
        price, plus all accrued and unpaid dividends; (h) all the obligations of such Person arising from or in connection with
        interest rates or currency exchange rates agreements; and (i) the seller&rsquo;s financing. For the purposes of this definition,
        the &ldquo;maximum determined repurchase price&rdquo; of the capital stock that may be subject to redemption and does
        not have a determined purchase price shall be the fair market value of such capital stock subject to redemption. The fair
        market value shall be determined in good faith by the Company&rsquo;s Board and shall be reflected in a Board resolution.
        The Debt shall not include (a) obligations of any Person (i) that arise from the payment by a bank or other financial
        institution of a check, draft or similar instrument inadvertently drawn on insufficient funds in the ordinary course of
        business, as long as such obligations cease within two (2) business days as from the date on which they were incurred,
        unless they are covered by an authorization to overdraw, (ii) that derive from an endorsement for the collection of debt
        securities in the ordinary course of business and pursuant to business practices applied in the past and (iii) that derive
        from stand-by letters of credit if they are guaranteed with cash or cash equivalents and (b) obligations derived from
        guarantees of compliance, performance or surety bonds, performance insurance, guarantees or court bonds, letters of credit
        or other similar obligations incurred in the ordinary course of business.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;EBITDA&rdquo;
        means the sum for the Company and its subsidiaries, calculated in accordance with</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment,
        fixed assets, real property or improvements thereto or to the property that replaces them, which have been accounted for
        as additions in capital goods in the consolidated statements of financial position prepared in accordance with Argentine
        GAAP, effective at the time of their measurement.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Lien&rdquo;
        means any mortgage, pledge, security interest, encumbrance, claim, attachment, option, assignment, easement, privilege,
        restriction (including any shareholders agreement or voting trust), seizure or any other restriction of any type, in each
        case created or perfected for the purpose of guaranteeing financial debt or financial obligations or for any other purpose.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Market
        Value&rdquo; means, with respect to the Company, the Company&rsquo;s shares or any other asset or property (including
        securities), the cash price at which a seller would be willing to sell and a buyer would be willing to buy in an arm&rsquo;s
        length transaction, being each of the parties free from any pressure or coercion to buy or sell, in each case pursuant
        to the assessment made by an independent investment bank selected by the Company&rsquo;s Board of Directors.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Argentine
        GAAP&rdquo; means generally accepted accounting principles in Argentina, effective and applicable to the Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Subsidiary&rdquo;
        means, with respect to any specified person, any other person in which at least 50% of its capital stock or voting shares
        belong, directly or indirectly, to the specified person and/or one or more of its Subsidiaries.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Material
        Subsidiary&rdquo; means a Company&rsquo;s Subsidiary which assets, considered individually on a non-consolidated basis,
        as of the date of the most recent audited consolidated statements of financial position at the time of determination,
        represent at least 10% of the Company&rsquo;s consolidated assets.</FONT></P></TD>
    <TD STYLE="border-top: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 50%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentine
        GAAP, of Consolidated Net Income, excluding extraordinary income and results of equity in earnings from Affiliates, plus
        financial income (expense), income taxes, other non-cash items and depreciation and amortization expenses corresponding
        to the relevant period.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Capital
        Expenditures&rdquo; means, with respect to any Person during any period, the amount of all expenditures directly or indirectly
        made as equipment, fixed assets, real property or improvements thereto or to the property that replaces them, which have
        been accounted for as additions in capital goods in the consolidated statements of financial position prepared in accordance
        with Argentine GAAP, effective at the time of their measurement.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Lien&rdquo;
        means any mortgage, pledge, security interest, encumbrance, claim, attachment, option, assignment, easement, privilege,
        restriction (including any shareholders agreement or voting trust), seizure or any other restriction of any type, in each
        case created or perfected for the purpose of guaranteeing financial debt or financial obligations or for any other purpose.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Market
        Value&rdquo; means, with respect to the Company, the Company&rsquo;s shares or any other asset or property (including
        securities), the cash price at which a seller would be willing to sell and a buyer would be willing to buy in an arm&rsquo;s
        length transaction, being each of the parties free from any pressure or coercion to buy or sell, in each case pursuant
        to the assessment made by an independent investment bank selected by the Company&rsquo;s Board of Directors.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Argentine
        GAAP&rdquo; means generally accepted accounting principles in Argentina, effective and applicable to the Company.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Subsidiary&rdquo;
        means, with respect to any specified person, any other person in which at least 50% of its capital stock or voting shares
        belong, directly or indirectly, to the specified person and/or one or more of its Subsidiaries.</FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&ldquo;Material
        Subsidiary&rdquo; means a Company&rsquo;s Subsidiary which assets, considered individually on a non-consolidated basis,
        as of the date of the most recent audited consolidated statements of financial position at the time of determination,
        represent at least 10% of the Company&rsquo;s consolidated assets.</FONT></P></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3"><B>Telecom Argentina S.A.</B></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">Date:</TD>
<TD STYLE="font-size: 10pt">November 23, 2020</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">By:</TD>
<TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font-size: 10pt">&nbsp;&nbsp;&nbsp;/s/ Fernando J. Balmaceda</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 7%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 27%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 7%; font-size: 10pt">&nbsp;&nbsp;&nbsp;Name:</TD>
<TD STYLE="width: 44%; font-size: 10pt">Fernando J. Balmaceda</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;Title:</TD>
<TD STYLE="font-size: 10pt">Responsible for Market Relations</TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 10; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2035494d7_6kimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2035494d7_6kimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Q &@# 2(  A$! Q$!_\0
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M"/$NE1Z+IVD-<D7N67R_+;J68CG&.AKG6N[:U\::VUQK-QI@,I >&,L7YZ'
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M_7W)_C5FW\;>)[4YCUR^/.?WDID_]"S5O+*G22)_M*'\K/IPA2#D YH  &
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..3+8:%7^M%%%-;">Y_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
