Exhibit 8.1
List of Subsidiaries of Telecom Argentina S.A.
| Subsidiary | Jurisdiction of incorporation | Telecom Argentina's direct/indirect interest in capital stock and votes | Name under which the subsidiary does business | |||
| Núcleo S.A.E. | Paraguay | 67.50% | Núcleo | |||
| PEM S.A.U. | Argentina | 100.00% | PEM | |||
| Cable Imagen S.R.L. | Argentina | 100.00% | Cable Imagen | |||
| Televisión Dirigida S.A. | Paraguay | 100.00% | Televisión Dirigida | |||
| Adesol S.A. | Uruguay | 100.00% | Adesol | |||
| AVC Continente Audiovisual S.A. | Argentina | 60.00% | AVC Continente Audiovisual | |||
| Inter Radios S.A.U. | Argentina | 100.00% | Inter Radios | |||
| Telecom Argentina USA Inc. | USA | 100.00% | Telecom USA | |||
| Micro Sistemas S.A.U. | Argentina | 100.00% | Micro Sistemas |