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TheStreet Open House

Telecom Argentina CEO Discusses Q2 2011 Results - Earnings Call Transcript

Such statements are subject to uncertainties that could cause Telecom's actual results and operations to differ materially. Such uncertainties include, but are not limited to, the effects of public emergency law and complementary regulation, the effects of ongoing industry and economic regulation, possible changes in demand for Telecom products and services, and the effects of marginal factors such as changes in general market or economic conditions, in legislation, or in regulation.

Our press release dated August 1st, 2011, a copy of which is being included in Form 6-K report to be furnished to the SEC, describes certain factors that may affect any forward-looking statements that we may produce during this session. Furthermore, we urge the audience of this conference call to read the disclaimer clause contained in Slide 1 of the presentation.

As usual in our quarterly conference calls, the agenda for today as seen in Slide 2 is, first to go over general market overview, then we'll go over some business highlights, and after that we'll go over some specifics of the evolution of our financial figures. And we'll end the call with a traditional Q&A session.

I'll go over a brief macro overview as an introduction to the general operating environment. In Slide 3, we include some snapshots of the Argentina macroeconomic environment. You can note that the macro conditions are giving support to the growth of our business. During the second quarter, the Argentina economy continued growing, based in booming private consumption, yielded by high commodity prices.

The industrial production performed very well, mainly in the segments of non-durable goods and the supply for construction. On the other side, the energy sector was the main ballast in a context of high demand and supply restrains. It is worth noting that in the second half of 2011, we will have a presidential election, where private consumption and investment tend to go down.

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