Investor Presentaiton

Telecom Italia Conference Call 2010 Results & Plan Update Fixed Business Fixed & BB Access Total Lines in market (In millions) 46.6% 46.8% 46.8% 46.9% 46.9% 46.9% Market 45.6% Share (1) 3.92 4.01 4.06 4.06 4.07 4.09 4.11 Fixed Voice Fixed 1.21 1.23 1.27 1.33 1.38 1.03 BB 0.77 2007 2008 2009 1Q10 2Q10 3Q10 4Q10e BB ARPU & Churn 2.0% 1.8% 2010 Highlights ▸ Lines in services and market share maintain marginal growth ▸ Regulated revenues participation down 7 p.p. to 44% ▸ Fixed ARBU up 5% despite frozen tariffs ▸ BB revenues reached 30% of fixed business passing voice revenues (net of monthly fee) ▸ BB ARPU up 14% ▸ BB churn down to 1.4% from 1.8% in FY09 30% of BB net adds in voice bundled offers Fixed Revenues Breakdown 1.8% 17% 20% 20% 18% 1.4% 62% 54% 48% 45% 76 21% 26% 32% 37% 67 56 57 2007 2008 2009 2010 2007 2008 2009 2010 ARPU (in Pesos) CHURN (monthly) TELECOM ITALIA (1) Estimated, data not available for 4Q10 FRANCO BERTONE ■ BB&Data ■Volce ■ITX&Others Figures are in Argentinean GAAP, with no material difference in terms of growth under IFRS for 2009 and 2010. 5 Οι

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