Telecom Argentina S.A. announces consolidated first quarter results for fiscal year 2016 ('1Q16')*

BUENOS AIRES, Argentina, May 10, 2016

• Consolidated Revenues amounted to P$12,455 million (+40.4% vs. 1Q15); Fixed Data +69.3% vs. 1Q15; Fixed Internet +42.9% vs. 1Q15; and Mobile business in Argentina +37.9% vs. 1Q15.
• Mobile subscribers in Argentina: 19.7 million in 1Q16.
• Mobile Value Added Services in Argentina (Internet and Data): +29.8% vs. 1Q15; 61.0% of Service Revenues.
• Mobile ARPU in Argentina increased to P$104.4 per month in 1Q16 (+21.1% vs. 1Q15).
• ADSL ARPU increased to P$248.8 per month in 1Q16 (+39.4% vs. 1Q15); monthly churn reached 1.4% in 1Q16.
• Consolidated Operating costs -including D&A and Results on disposal of PP&E and write-down of PP&E- totaled P$10,469 million (+45.4% vs. 1Q15).
• Operating Income Before Depreciation and Amortization reached P$3,394 million (+28.9% vs. 1Q15), 27,3% of consolidated revenues.
• Net Income amounted to P$935 million (-10.2% vs. 1Q15). Net Income attributable to Telecom Argentina amounted to P$925 million (-10.0% vs. 1Q15), being influenced by higher depreciation and amortization costs due to higher capex and a significant reduction in financial results due to a lower financial position.
• Capex increased to P$1,902 million in 1Q16 (+120.1% vs. 1Q15), equivalent to 15.3% of Consolidated Revenues.
• Net Debt Financial Position: P$3,294 million, a decrease of P$3,815 million vs. 1Q15, after Telecom Argentina´s cash dividend distribution and the 4G spectrum payment during fiscal year 2015.

(in million P$, except where noted)		As of March, 31
		2016		2015		Change $ ARIVA.DE Börsen-Geflüster Kurse Telecom Argentina SA B ADR 6,575 € -0,38%		Change %
Consolidated Revenues		12,455		8,872		3,583		40.4%
Mobile Services		9,016		6,502		2,514		38.7%
Fixed Services		3,439		2,370		1,069		45.1%
Operating Income before D&A		3,394		2,634		760		28.9%
Operating Income		1,997		1,680		317		18.9%
Net Income attributable to Telecom Argentina		925		1,028		(103)		-10.0%
Shareholders' equity attributable to Telecom Argentina		18,241		17,194		1,047		6.1%
Net Financial Position - (Debt) / Cash		(3,294)		521		(3,815)		-
CAPEX		1,902		864		1,038		120.1%
Fixed lines in service (in thousand lines)		4,010		4,077		(67)		-1.6%
Mobile customers (in thousand)		22,229		21,841		388		1.8%
Personal (Argentina)		19,664		19,332		332		1.7%
Núcleo (Paraguay) -including Wimax customers-		2,565		2,509		56		2.2%
Broadband accesses (in thousand)		1,809		1,768		41		2.3%
Average Billing per user (ARBU) Fixed Telephony / voice  (in P$)		80.9		60.5		20.4		33.7%
Average Revenue per user (ARPU) Mobile Services in Arg. (in P$)		104.4		86.2		18.2		21.1%
Average Revenue per user (ARPU) ADSL (in P$)		248.8		178.5		70.3		39.4%
*Unaudited non financial data

Telecom Argentina ('Telecom') - (NYSE: TEO; BASE: TECO2), one of Argentina's leading telecommunications companies, announced today a Net Income of P$935 million for the first quarter ended March 31, 2016, or -10.2% when compared to 1Q15. Net income attributable to Telecom Argentina amounted to P$925 million (-10.0% vs. 1Q15).

During 1Q16, Consolidated Revenues increased by 40.4% to P$12,455 million (+P$3,583 million vs. 1Q15), mainly fueled by the Fixed Data, Broadband businesses and Mobile Services. Moreover, Operating Income reached P$1,997 million (+P$317 million or +18.9% vs. 1Q15).

Consolidated Operating Revenues

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