ANNEX 1

TELECOM ARGENTINA – ELECTION OF OPTIONS BY SERIES

SERIES	Currencies of issuance	OPTION A in the currencies of issuance	OPTION B the currencies of issuance	OPTION C the currencies of issuance	TOTAL the currencies of issuance	OPTION A in AR$	OPTION B in AR$	OPTION C in $	TOTAL in AR$
Total SERIES C ISIN Nº US879273AE01	US$	34,639,000.00	75,767,000.00	1,769,000.00	112,175,000.00	103,813,083.00	227,073,699.00	5,301,693.00	336,188,475.00
Total SERIES E ISIN N° XS0076226942	US$	—	99,000,000.00	—	99,000,000.00	—	296,703,000.00	—	296,703,000.00
Total SERIES F ISIN N° XS0076689024	Liras	162,892,400,000.00	172,673,200,000.00	10,539,400,000.00	346,105,000,000.00	307,088,436.90	325,527,422.29	19,869,115.27	652,484,974.46
Total SERIES H ISIN N° XS0084707313	Liras	136,929,700,000.00	188,784,600,000.00	13,635,700,000.00	339,350,000,000.00	258,142,967.62	355,900,997.99	25,706,330.06	639,750,295.67
Total SERIES I ISIN N° XS0096148779	Euro	73,038,000.00	95,639,000.00	6,741,000.00	175,418,000.00	266,610,611.40	349,111,041.70	24,606,672.30	640,328,325.40
Total SERIES K ISIN N° XS0099123712	Euro	91,867,000.00	91,936,500.00	9,833,500.00	193,637,000.00	335,342,110.10	335,595,805.95	35,895,225.05	706,833,141.10
Total SERIES 1 ISIN N° XS0109260686	Euro	78,221,500.00	125,477,500.00	6,874,000.00	210,573,000.00	285,531,941.45	458,030,518.25	25,092,162.20	768,654,621.90
Total SERIES 2 ISIN N° XS0131485624	Euro	45,902,000.00	108,022,000.00	3,060,000.00	156,984,000.00	167,556,070.60	394,312,706.60	11,169,918.00	573,038,695.20

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Note: This table presents the options elected by the creditors represented at the Meeting, expressed by series as totals in nominal value in currencies of issuance and in Argentine Pesos at the cut-off date (August 31, 2004).