On March 17, 2017, the Company received notice from its direct controlling shareholder Sofora Telecomunicaciones S.A. ("Sofora"), who informed that its shareholders had expressed their wish that the Board of Directors of Sofora as well as the ones of its subsidiaries Nortel Inversora S.A. ("Nortel"), Telecom Argentina S.A. ("Telecom Argentina") and Telecom Personal S.A. ("Telecom Personal") evaluate a corporate reorganization at the head of Telecom Argentina S.A. as the surviving company, aiming to conclude this reorganization during the current year. This project seeks to simplify the shareholding structure of Telecom Argentina in line with international standards and market practices.