BUENOS AIRES, Argentina, April 6 /PRNewswire-FirstCall/ -- Telecom Argentina (BASE: TECO2, NYSE: TEO), one of Argentina's leading telecommunications groups, announced today that, subject to any change in Argentine Central Bank regulations, it intends to make a Note Payment (as defined in the Notes) on April 15, 2009 or as soon as practicable thereafter. This Note Payment will result in the payment of 48.75% of the principal amortization payment scheduled to be paid on April 15, 2012. On the same date, Telecom Argentina intends to make the corresponding interest payment.

    Series   Currency   Due Date    ISIN No.    % of the     % of Original
                                                Original     Principal Amount
                                                Principal    Outstanding after
                                                Amount       the Note Payment
    Series A   US$       2014    US879273AK60   3.48075%     37.67925%
                                 XS0218481744
                                  Not Listed
               Euro      2014    XS0218482122   3.48075%     37.67925%
                                 XS0218482395
                                  Not Listed
               AR$       2014     Not Listed    3.48075%     37.67925%
               JPY       2014     Not Listed    3.48075%     37.67925%

The payment shall be made to the holders of the Notes in global form through the settlement systems of DTC, Euroclear or Clearstream, as applicable. Payments to holders of Notes in certificated form will be made by wire transfer to the accounts of the respective holders.

Telecom is the parent company of a leading telecommunications group in Argentina, where it offers directly 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 common stock. Nortel is a holding company where the common stock (approximately 68% of capital stock) is owned by Sofora Telecomunicaciones S.A.