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 the public emergency law or 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 March 2nd, 2011, a copy of which is being included in a 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 one of the presentation.

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

I’ll go over the brief macro overview as an introduction to the general operating environment. In slide three, we include some snapshots of the current Argentina macroeconomic environment. You can note that a macro conditions are giving support to the growth of our business during the first quarter the Argentina economy continued its growing trends the private consumption the main driver of the economy while the investment protection leaded the expansion to our car production and construction materials show the best performance in the sector.

Going forward it is possible that in the next quarters the [inaudible] restrains could slow down the industrial output if winter temperatures are severe. Moreover the agriculture period of harvest has begun and the protection would be near to record levels in the context of high commodity prices. In the context of high inflation increasing consumptions investment in construction and expenditure in tourism have been the waves. The population reacted to inflation on the contrary to savings that have been discouraged by low real interest rates.

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