Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update Argentina: TLC Competitive Landscape Snapshot TLC Access (mln lines) TLC Operators Mobile (1) Personal 2010 M/S 31.8% Arnet Claro Broadband 2010 M/S 35.3% TELECOM FiberTel Speedy 2010 Penetration (2) Argentina 129% Latam 97% 51.4 47.4 42.8 37.8 2007 2008 2009 (1) Does not include trunking subscribers (2) 2010 Telefonica Fixed 2010 M/S 46.9% 2010 Penetration (2) Argentina 37% Latam 23% 2010 Penetration (2) Argentina 67% Latam 55% 8.6 8.6 8.7 8.7 3.0 3.4 3.9 2.3 2007 2008 2009 2010 2007 2008 2009 Source: Pyramid Research. Fixed line penetration residential only The Market Share for 4Q is a Company estimate TELECOM ITALIA FRANCO BERTONE 2010 Source: Telecom Argentina 8

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