Telefonica of Argentina, Inc., Board Meeting, Nov 05, 2009 Agenda: To approve the amendment to the directors social security plan.

Telefonica of Argentina, Inc. announced the expiration of its previously announced cash tender offers for its outstanding 8.850% Conversion Notes due August 2011, 9.125% Notes due November 2010 and 8.850% Notes due August 2011 as specified in the offer to purchase dated September 24, 2009, as amended and supplemented by the Company's press releases dated September 28, 2009, October 8, 2009 and October 20, 2009. The Offers expired at 11:59 p.m., New York City time, on October 22, 2009. The full terms and conditions of the Offers are set forth in the Offer to Purchase and related letter of transmittal dated September 24, 2009, as amended and supplemented. Upon settlement of the Offers, which is expected to occur on October 27, 2009, the company will pay the consideration for the Notes accepted for purchase, together with accrued and unpaid interest. In the case of the U.S. Dollar Offer, payment will be made to The Bank of New York Mellon for further credit to the appropriate accounts at The Depositary Trust company. In the case of the Argentine Peso Offer, payment will be made to the accounts of Euroclear and Clearstream at a financial institution in Argentina, for further credit to the accounts of their respective participants.

Telefónica de Argentina S.A. announced that in connection with its previously announced cash tender offers (the 'Offers') for its outstanding 8.850% conversion notes due August 2011, 9.125% notes due November 2010 and 8.850% notes due August 2011 (collectively, the 'Notes') it will use the EMTA ARS Industry Survey Rate (the 'EMTA Rate'), and not the exchange rate as reported by Argentina's Central Bank (tipo de cambio de referencia), to determine the Argentine peso/U.S. Dollar exchange rate for purposes of any payments to be made in Argentine pesos pursuant to the offers. The EMTA Rate will also be used for purposes of determining whether the foreign exchange rate condition to the offers has been satisfied. The offers are being made only through an offer to purchase dated September 24, 2009 (the 'offer to Purchase') and a related Letter of Transmittal dated September 24, 2009 (the 'Letter of Transmittal'), and the information in the offer to purchase and the Letter of Transmittal is hereby amended and supplemented. The offers are not being made to holders of notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities or blue sky laws or other laws of such jurisdiction. In any jurisdiction where the laws require the offers to be made by a licensed broker or dealer, the offers will be deemed to be made on behalf of the company by the dealer manager or one or more registered broker dealers under the laws of such jurisdiction.