Telecom Argentina S.A. Announces Board of Directors´ Approval of Annual Report and Financial Statements for the Fiscal Year Ended on December 31, 2015

BUENOS AIRES, Argentina, Feb. 26, 2016

Furthermore, the information contained in the press release dated February 10^th, 2016, related to the 'Consolidated Preliminary Results for the Fiscal Year 2015' has not evidenced any change.

Recent Relevant Matters

Moreover, in such Meeting the Board resolved to submit to the Shareholders' Meeting the following proposal related to Retained Earnings of Fiscal Year ended December 31, 2015:

	Pesos
Retained Earnings as of December 31, 2015	3,402,938,820 ARIVA.DE Börsen-Geflüster Kurse Telecom Argentina SA B ADR 7,13 $ +1,57%
To Reserve for Future Cash Dividends	- 3,402,938,820
To New Fiscal Year	-

In addition, the Board proposed that the Shareholders' Meeting delegates powers to the Board of Directors to determine the allocation in one or more instances, of an amount of up to P$ 1,300 million of the 'Reserve for Future Cash Dividends' for its distribution to the shareholders as cash dividends, depending on the performance of the business.

Telecom is the parent company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission and Internet services, among other services. Additionally, through a controlled subsidiary, the Telecom Group offers cellular services in Paraguay. The Company commenced operations on November 8, 1990, upon the Argentine government's transfer of the telecommunications system in the northern region of Argentina.

Nortel Inversora S.A. (´Nortel´), which acquired the majority of the Company from the Argentine government, holds 54.74% of Telecom's issued common stock. Nortel is a holding company whose common stock (approximately 78% of capital stock) is owned by Sofora Telecomunicaciones S.A. Additionally, Nortel capital stock is comprised of preferred shares that are held by minority shareholders.

As of February 26, 2016, Telecom continued to have 984,380,978 shares issued and 969,159,605 shares outstanding.

For more information, please contact Investor Relations:

Voice Mail: (5411) 4968 3628
Fax: (5411) 4968 3616
E-mail: relinver@ta.telecom.com.ar

For information about Telecom Group services, visit:

www.telecom.com.ar 
www.personal.com.ar 
www.personal.com.py 
www.arnet.com.ar 

Disclaimer

This document may contain statements that could constitute forward-looking statements, including, but not limited to, the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine Government; and the impact of rate changes and competition on the Company's future financial performance. Forward-looking statements may be identified by words such as "believes," "expects," "anticipates," "projects," "intends," "should," "seeks," "estimates," "future" or other similar expressions. Forward-looking statements involve risks and uncertainties that could significantly affect the Company's expected results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that have resulted in the repeal of Argentina's Convertibility law, devaluation of the peso, various changes in restrictions on the ability to exchange pesos into foreign currencies,  and currency transfer policy generally, the "pesification" of tariffs charged for public services, the elimination of indexes to adjust rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in laws and economic and business conditions in Argentina, it is difficult to predict the impact of these changes on the Company's financial condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing inflationary pressure and evolution in consumer spending and the outcome of certain legal proceedings. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. The Company undertakes no obligation to release publicly the results of any revisions to forward-looking statements which may be made to reflect events and circumstances after the date of this press release, including, without limitation, changes in the Company's business or to reflect the occurrence of unanticipated events. Readers are encouraged to consult the Company's Annual Report on Form 20-F, as well as periodic filings made on Form 6-K, which are filed with or furnished to the United States Securities and Exchange Commission for further information concerning risks and uncertainties faced by Telecom.

Oscar Carlos Cristianci – Chairman

Contacts:
Pedro Insussarry
Solange Barthe Dennin
(54 11) 4968-3743/3752

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SOURCE Telecom Argentina S.A.