<SEC-DOCUMENT>0001104659-24-120847.txt : 20241120
<SEC-HEADER>0001104659-24-120847.hdr.sgml : 20241120
<ACCEPTANCE-DATETIME>20241120070014
ACCESSION NUMBER:		0001104659-24-120847
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241120
FILED AS OF DATE:		20241120
DATE AS OF CHANGE:		20241120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELECOM ARGENTINA SA
		CENTRAL INDEX KEY:			0000932470
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13464
		FILM NUMBER:		241478259

	BUSINESS ADDRESS:	
		STREET 1:		GENERAL HORNOS, NO. 690
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1272ACL
		BUSINESS PHONE:		54-11-4968-4000

	MAIL ADDRESS:	
		STREET 1:		GENERAL HORNOS, NO. 690
		CITY:			BUENOS AIRES
		STATE:			C1
		ZIP:			C1272ACL

	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>tm2428918d1_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"></P>



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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Rule&nbsp;13a-16 or 15d-16</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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; text-align: center">For the month of November&nbsp;2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Commission File Number: 001-13464</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">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name into English)</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">&nbsp;</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; text-align: center"><B>General Hornos, No.&nbsp;690, 1272</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 20%"></TD>
    <TD STYLE="text-align: left; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;20-F</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</TD>
    <TD STYLE="text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&nbsp;40-F</FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="text-align: left; width: 30%"><FONT STYLE="font-family: Wingdings"></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: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0000ee">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0000ee"><B><I>English translation of letter dated November&nbsp;20, 2024 to the Argentine Securities&nbsp;&amp; Exchange Commission (Comisi&oacute;n Nacional de Valores)</I></B></FONT><B><I><FONT STYLE="color: #0000ee"><U>, Argentina Stock Exchange and Markets (Bolsa y Mercados Argentinos S.A.), Electronic Open Market (Mercado Abierto Electr&oacute;nico S.A.) and the Luxembourg Stock Exchange.</U></FONT></I></B></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: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><B><U>FREE TRANSLATION</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="tm2428918d1_6kimg001.jpg" ALT=""></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">City of Buenos Aires, November&nbsp;20, 2024</P>

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

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>National Securities Commission</B></P>

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Comisi&oacute;n
Nacional de Valores</I>, &ldquo;</FONT><B><U>CNV</U></B>&rdquo;)</P>

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Argentine Stock Exchanges and Markets</B></P>

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Bolsa
y Mercados Argentinos S.A.</I>, &ldquo;</FONT><B><U>ByMA</U></B>&rdquo;)</P>

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Electronic Open Market</B></P>

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<I>Mercado
Abierto Electr&oacute;nico S.A.</I>, &ldquo;</FONT><B><U>MAE</U></B>&rdquo;)</P>

<P STYLE="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Luxembourg Stock Exchange</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&ldquo;</FONT><B><U>LuxSE</U></B>&rdquo;)</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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; padding-right: 0.25in; text-align: right; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re.:
    <U>Telecom Argentina S.A.</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
    of Optional Redemption Without a Make-Whole Premium</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif; padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Class&nbsp;1
    Notes due 2026</U></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">I
am writing to you in my capacity as Responsible for Market Relations of Telecom Argentina S.A. (&ldquo;<B>Telecom Argentina</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;), located at General Hornos 690, City of Buenos Aires, in connection with the Company&rsquo;s outstanding
class 1 notes (<I>obligaciones negociables</I>) issued on July&nbsp;18, 2019 for a nominal value of U.S.$400,000,000, and an outstanding
nominal value as of the date of this notice of redemption (the &ldquo;</FONT><B>Notice of Redemption</B>&rdquo;) of U.S.$282,747,000,
at a fixed annual interest rate of 8.00%, maturing on July&nbsp;18, 2026, issued under global note program for the issuance of <I>obligaciones
negociables</I> for a nominal value of up to U.S.$3,000,000,000 (or its equivalent in other currencies or units of value) (the &ldquo;<B>Class&nbsp;1
Notes</B>&rdquo;).</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; text-align: justify; text-indent: 0.5in">In compliance with the requirements
of the applicable rules&nbsp;and as provided in the terms and conditions of the Class&nbsp;1 Notes, the Company hereby gives notice to
the holders of the Class&nbsp;1 Notes that it will redeem in part the Class&nbsp;1 Notes, in accordance to the following terms (the &ldquo;<B>Redemption</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Redemption will be made
pursuant to the terms and conditions of the Argentine prospectus supplement dated July&nbsp;10, 2019 in connection with the issuance of
the Class&nbsp;1 Notes (the &ldquo;<B>Prospectus Supplement</B>&rdquo;), in particular under the caption &ldquo;Offering of Notes<I>&mdash;</I>Optional
Redemption<I>&mdash;</I>Optional Redemption Without a Make-Whole Premium&rdquo;(<I>Oferta de los Valores Negociables&mdash;Rescate Optativo&mdash;Rescate
Optativo sin Prima Compensatoria</I>), and Sections 3.02 and 3.05 of the indenture dated July&nbsp;18, 2019, among the Company, Citibank,
N.A., as trustee, registrar, transfer agent and paying agent in New York, and Citibank N.A., Argentina branch, as trustee in Argentina,
registrar, transfer agent and paying agent in Argentina (the &ldquo;<B>Indenture</B>&rdquo;), under which the Class&nbsp;1 Notes were
issued. The Class&nbsp;1 Notes will be redeemed on December&nbsp;20, 2024 (the &ldquo;<B>Redemption Date</B>&rdquo;).</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; text-align: justify; text-indent: 0.5in">As provided in the Indenture
and as announced in the results release, the Class&nbsp;1 Notes will be redeemed at a redemption price (the &ldquo;<B>Redemption Price</B>&rdquo;)
equal to 102.00% of the principal amount of the outstanding Class&nbsp;1 Notes, <I>plus</I> accrued and unpaid interest thereon (including
Additional Amounts), if any, to the Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Class&nbsp;1
Notes, as long as the Company has deposited with the Paying Agent funds in satisfaction of the Redemption Price pursuant to the Indenture.
Upon redemption of the Class&nbsp;1 Notes by the Company, the Class&nbsp;1 Notes will be cancelled.</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: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In this respect, the terms
and conditions of the Redemption are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;</FONT></TD><TD STYLE="text-align: justify"><U>Redemption Date</U>: December&nbsp;20, 2024.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Redemption Price</U>: U.S.$126,453,333.33 (United States Dollars one hundred twenty-six million four
hundred fifty-three thousand three hundred thirty-three and thirty-three cents).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Redemption Premium</U>: U.S.$2,400,000.00 (United States Dollars two million four hundred thousand)
equivalent to 2.00% of the principal amount.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Principle Amount to be Redeemed</U>: U.S.$120,000,000.00 (United States Dollars one hundred twenty
million) in principle amount, equivalent to 42.4408% of the total outstanding amount of the Class&nbsp;1 Notes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Total Amount of the Redemption Price Representing Accrued Interest</U>: U.S.$4,053,333.33 (United States
Dollars four million fifty-three thousand three hundred and thirty-three and thirty-three cents) as accrued interest from July&nbsp;18,
2024 to December&nbsp;20, 2024, exclusive.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Places Where Class&nbsp;1 Notes are to be Surrendered for Redemption</U>: New York City and the City
of Buenos Aires. Class&nbsp;1 Notes called for Redemption must be so surrendered in order to collect the Redemption Price.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Currency</U>: United States Dollars.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Hours of Operation in Buenos Aires</U>: 10:00 am to 3:00 pm.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">On the Redemption Date the Redemption Price will become due and payable on Class&nbsp;1 Notes called for
Redemption, and interest on Class&nbsp;1 Notes called for Redemption will cease to accrue on and after the Redemption Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If any Class&nbsp;1 Note is redeemed in part, on and after the Redemption Date, upon surrender of such
Class&nbsp;1 Note, new Class&nbsp;1 Notes equal in principal amount to the unredeemed portion will be issued upon cancellation of the
original Class&nbsp;1 Note.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">No representation is being made as to the correctness of the CUSIP,&nbsp;ISIN or common code number either
as printed on the Class&nbsp;1 Notes or as contained in this Notice of Redemption and each Holder should rely only on the other identification
numbers printed on the Class&nbsp;1 Notes.</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">All capitalized terms not expressly defined herein have the meanings
assigned to them in the Indenture.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in; width: 78%">Sincerely, </TD>
<TD STYLE="text-align: center; width: 22%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Luis Fernando Rial Ubago</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD>&nbsp;</TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Luis Fernando Rial Ubago</B></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: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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: center"><B>SIGNATURES</B></P>

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

<P STYLE="text-align: justify; 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">&nbsp;</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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telecom Argentina S.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November&nbsp;20, 2024</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 67%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Luis Fernando Rial Ubago</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;&nbsp;Luis Fernando Rial Ubago</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Responsible for Market Relations</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: 5; 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">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>tm2428918d1_6kimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2428918d1_6kimg001.jpg
M_]C_X  02D9)1@ ! 0$ R #(  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  G +4# 2(  A$! Q$!_\0
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M[8:/H?C?[5:Z99WNJWL\UN+/5=+?2](@TJ1YC:)!Y;SJ#+.UT]JL4?G^\?\
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MK>[Z['Z0!HRNX."#T*\K^+8QU]^G()H# D%7500<@$_-G&#GGI_45_$IK?\
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M;!14H0:ITI^RBXKV<*>RWPV;XZC2=.%7W4E\2;=O=:5^;[/1[]VS]@OV$_\
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<3A&,4HQC"*225EU2S;&*37-'1M:J3>CMNY'_V0$!

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