The Bank of New York Appointed by Telecom Argentina as Trustee, Registrar, Paying Agent and Transfer Agent; Largest Corporate Debt Restructuring to Date in Argentina.

NEW YORK -- The Bank of New York, a global leader in securities servicing, was appointed by Telecom Argentina as trustee, registrar and paying and transfer agent for its landmark $1.5 billion debt restructuring. The transaction was Argentina's largest corporate debt restructuring to date, according to published reports.

The restructure involved the exchange of $2.8 billion in outstanding debt for newly issued exchange notes and cash. As the settlement agent in the transaction, The Bank of New York received and processed electronic and manual instructions from investors holding bonds in Euroclear, Clearstream, the DTC, and from creditors holding debt in physical form. Consents and distribution instructions were sought from over 1,100 creditors.

Karen Peetz, executive vice president and Head of the Bank's Corporate Trust Division, said, "Our role in this milestone transaction, along with our involvement in other recent high-profile sovereign restructurings for the Dominican Republic, the Federative Republic of Brazil, the Republic of Colombia, and the Republic of Argentina, emphasizes our commitment to Latin America. By collaborating with Telecom Argentina and its advisors, we were able to bring about a successful and professionally executed debt restructuring where we leveraged our innovative technology platform and expertise to meet their specific needs."

Telecom Argentina is one of Argentina's largest telecommunications operators. It provides local and long distance telephone, mobile communications (though its subsidiary Telecom Personal), data and internet access services in Argentina. Telecom Argentina common stock is listed on the Buenos Aires Stock Exchange under the ticker "TECO2," and Telecom Argentina ADSs are listed on the New York Stock Exchange under the ticker "TEO."

The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing $3 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including corporate and municipal debt, mortgage-backed and asset-backed securities, derivative securities services and international debt offerings.

The Bank of New York has been conducting business in Latin America for over 100 years. The Company has representative offices in Argentina, Mexico and Brazil, and offers a full range of securities servicing, global payments, asset management and trade finance products. The Bank is committed to Latin America and to growing its business as the capital markets develop in the region.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.

This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.