TEO Telecom Argentina SA

(1)  Amount consists of 606,489,308 Class D Shares.

(2)  Amount consists of 235,177,350 Class A Shares contributed by Fintech and 235,177,350 Class D Shares contributed by VLG to the Voting Trust.

(3)  Amount consists of 841,666,658 Class D Shares.

(4)  Amount consists of 841,666,658 Class D Shares and 235,177,350 Class A Shares.

(5)  Calculated over 627,953,887 Class B Shares and 1,076,844,008 Class A and Class D Shares beneficially owned by the Reporting Person. The 1,076,844,008 Class A and Class D Shares beneficially owned by the Reporting Person represent 50.0000001% of the total capital stock of the Issuer (excluding treasury shares). The Reporting Person does not hold Class B Shares.

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(1)  Amount consists of 606,489,308 Class D Shares.

(2)  Amount consists of 235,177,350 Class A Shares contributed by Fintech and 235,177,350 Class D Shares contributed by VLG to the Voting Trust.

(3)  Amount consists of 841,666,658 Class D Shares.

(4)  Amount consists of 841,666,658 Class D Shares and 235,177,350 Class A Shares.

(5)  Calculated over 627,953,887 Class B Shares and 1,076,844,008 Class A and Class D Shares beneficially owned by the Reporting Person. The 1,076,844,008 Class A and Class D Shares beneficially owned by the Reporting Person represent 50.0000001% of the total capital stock of the Issuer (excluding treasury shares). The Reporting Person does not hold Class B Shares.

3

(1)  Amount consists of 199,732,125 Class D Shares.

(2)  Calculated over 627,953,887 Class B Shares and 199,732,125 Class D Shares beneficially owned by the Reporting Person. The 199,732,125 Class D Shares beneficially owned by the Reporting Person represent 9.27% of the total capital stock of the Issuer (excluding treasury shares). The Reporting Person does not hold Class B Shares.

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Item 1.  Security and Issuer

This Amendment No. 4 (the “ Fourth Amendment ”) amends the Schedule 13D filed with the Securities and Exchange Commission on January 2, 2018, as amended (the “ Schedule 13D ”), by the Reporting Persons (as defined in the Schedule 13D), with respect to the Class B shares, Ps. 1.00 par value per share (the “ Class B Shares ”) of Telecom Argentina S.A. (the “ Issuer ” or “ Telecom Argentina ”), a portion of which is represented by American Depositary Shares (“ ADSs ”) which are traded on the New York Stock Exchange (the “ NYSE ”). The principal executive offices of the Issuer are located at Alicia Moreau de Justo 50, 10th floor, 1107 Buenos Aires, Argentina. This Fourth Amendment should be read in conjunction with, and is qualified in its entirety by reference to, the Schedule 13D. Except as disclosed in and expressly amended by this Fourth Amendment, all information set forth in the Schedule 13D is hereby unaffected. All capitalized terms used in this Fourth Amendment and not otherwise defined herein have the meanings ascribed to such terms in the Schedule 13D.

Item 4.  Purpose of Transaction

The description contained herein supplements Item 4 in the Schedule 13D and should be read in connection therewith:

On June 10, 2019, CVH was served with notice of an injunction (the “ Injunction ”) rendered on May 9, 2019 in the case “Burgueño Daniel a / EN-CNV a / Injunction (Autonomous)” (File No. 89537/2018) pending before the Federal Contentious Administrative Court No. 1, Secretariat No. 1, suspending the process relating to the mandatory tender offer to acquire shares of Telecom, initiated by CVH before the CNV, until the CNV resolves on the applicability of Resolution No. 779/18 or the expiration of the term contemplated in section 5 of Law No. 26,854 governing injunctions.

If the relevant provisions of Resolution No. 779/18, which exclude from the mandatory tender offer regime certain mergers involving companies with publicly traded shares, are determined to be applicable to CVH’s acquisition of control in Telecom as a result of Cablevisión S.A.’s merger into Telecom, CVH would not be subject to an obligation to promote and formulate the tender offer for shares of Telecom as well as any other limitation arising as a result of such obligation.

On May 6, 2019, the Federal Civil and Commercial Court No. 3 in re “Cablevisión Holding S.A. v. Argentine Securities Commission on Injunctions” (File No. 7998/2018) had ordered an extension of the injunction separately obtained by CVH for a term of three additional months as from its expiration date.

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SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: June 12, 2019

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